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Dubai Holding plans digital bank in UAE

Dubai HoldingDubai Holding, a global investment holding company, said it is proposing to invest up to Dh1 billion over the next 5 years to launch a next generation digital bank for the UAE. The bank is expected to become a platform to facilitate digital transactions and accelerate the drive towards a cashless society and facilitate the exchange of data and insights between individuals and businesses. It will also provide an on-demand, fully customizable and engaging experience to both individuals and businesses and bespoke banking services that extend beyond the traditional bank offerings. Abdulla Al Habbai, chairman of Dubai Holding, said through this investment in the proposed digital bank, his company is 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. The proposed bank will also be among the first pure play digital player in the UAE to serve the small and medium-size enterprise (SME) segment.

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