Al Maryah Community Bank receives approval from CBUAE; 1st in the country

By Amirtha P S, Desk Reporter
  • Follow author on
Digital Payment
Representational Image

Al Maryah Community Bank, a new digital bank focusing on serving businesses and individuals through state-of-the-art new-age technologies has become the first to secure a license from the Central Bank of the UAE (CBUAE).

The bank, in its statement, said that it will focus on serving all the community banking needs in line with the vision of the UAE leaders in supporting individuals and small businesses within the economy by employing forward-thinking concepts driven by innovation and technology.

With the facilities in Al Maryah Community Bank customers can effortlessly open their accounts and experience a whole lot of smart banking services built on AI-powered technology integrated with the UAE Government’s Smart Services.

The digital banking services will be delivered through the smart application that will be launched soon. The bank will further develop financial products and services to bridge gaps in personal and business banking and will help the savings and investment goals of both Emiratis and expats alike.

Tarek Ahmed Al Masoud
Chairman 
Al Maryah Community Bank

“I believe this initiative will effectively contribute to meeting the needs of customers by employing a group of specialized financial experts who will work to improve the financial capacities of individuals and SMEs and promote the community’s sustainable development in a scalable and easy way through the smart application that will be launched soon.”

The license granting is following the launch of the UAE’s first independent digital bank, Zand, which is awaiting final regulatory approvals. Last year, ADQ, Abu Dhabi-based holding company planned to set up a digital bank in the country using a legacy banking license held by First Abu Dhabi Bank.

Related: Saudi’s SABB launches instant international money transfer service; First in Kingdom


YOU MAY LIKE