Dubai Holding has announced that it will invest up to AED1 billion over the next five years to launch a next-generation digital bank for the UAE, with plans to expand services across the Middle East and North Africa region.
The announcement is in line with the UAE’s goal of becoming a cashless digital economy, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, for Smart Dubai.
Dubai Holding’s digital bank will aim to provide an on-demand, fully customisable and engaging experience to individuals and businesses alike.
Speaking about the announcement, Abdulla Al Habbai, Chairman of Dubai Holding, said, "Through our investment in Dubai Holding’s digital bank, we are enabling digital opportunities with the potential to empower individuals and businesses to leverage new financial technologies for additional convenience and unlock new business opportunities, in support of the vision of His Highness Sheikh Mohammed bin Rashid, for a smarter and cashless society."
The digital bank will offer unique perks and services to users, including bespoke banking services that extend beyond the traditional bank offering. Customers will have access to the region’s first truly personalised and dynamic loyalty programme.
Dubai Holding’s digital bank aims to provide a state-of-the-art platform to facilitate digital transactions, the exchange of data and insights between individuals and businesses as well as accelerate the drive towards a cashless society.
The bank’s first products are expected to debut in 2019.