Dubai Holding will invest up to AED1bn over the next five years to launch a digital bank for the UAE.
The bank will facilitate digital transactions and accelerate the drive towards a cashless society, as well as facilitate the exchange of data and insights between individuals and businesses.
The bank will provide an on-demand and fully customisable experience to customers. It will also offer “bespoke banking services that extend beyond the traditional bank offering,” a release said.
The bank’s first products are expected to debut in 2019.
“With the investment in Dubai Holding Digital Bank, we are creating opportunities for individuals and businesses to leverage financial technologies for additional convenience and unlock new business opportunities. The move comes in support of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for a smarter and cashless society,” said Abdulla Al Habbai, chairman, Dubai Holding.
Once established, the digital bank will later expand services across the Middle East and North Africa region.