Dubai Holding to launch region’s first digital bank

DUBAI / WAM

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 and Prime Minister of the UAE 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.
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.”