The bank's products are expected to debut in 2019
Global investment holding company, Dubai Holding has announced it will invest up to AED1 billion over a five-year period to launch a next generation digital bank for the UAE, adding that it has plans to expand its services across the MENA region.
Dubai Holding said the digital bank will aim to provide an on-demand, fully customisable and engaging experience to individuals and businesses alike, and the products are expected to be available in 2019.
Abdulla Al Habbai, Chairman at Dubai Holding, said that the upcoming investment should enable individuals and businesses to leverage new financial technologies to unlock business opportunities, according to media reports.
In an effort to improve the SME-lending segment, the bank is set to serve this sector, by offering bespoke loan and deposit offerings, and encourage small businesses to continue their role in driving economic growth. The bank will address key challenges faced by small business owners, particularly in the crucial area of cash management.