Dubai – Mubasher: Dubai Holding, an international investment company, has unveiled plans to invest up to AED 1 billion ($270 million) in the coming five years to launch an advanced digital bank in the UAE.
The new bank, described by the company as a “next generation” bank, is aimed at providing an on-demand, fully customisable, and engaging services, according to a company statement.
“Through our investment in Dubai Holding Digital Bank, we are enabling digital opportunities with the potential to empower individuals and businesses to leverage new financial technologies for additional convenience and to unlock new business opportunities,” Dubai Holding’s chairman Abdulla Al Habbai commented.
As part of Dubai Holding's plan to expand in the Middle East and North Africa region (MENA), the new project is expected to commence its operations in 2019.
"Apart from serving our individual consumers, this bank will be among the first pure-play digital player in the UAE to serve small- and medium-sized enterprises (SMEs) and mid-size corporate segment,” Al Habbai added.
