The 50-plus banks operating in the UAE are fighting for customers’ attention. From dates and coffee in the atrium (Abu Dhabi Islamic Bank) to the greatest number of ATMs (Emirates NBD), all claim an advantage.
RAKBank today waded into the fray. It unveiled a new vehicle to attract the banking public, an app called MobileCash that the bank is positioning as a pared-down way to transfer money.
The recipient doesn’t even need a bank account – they enter a code and pick up the money from a RAKBank ATM. So if you want to send money to the kids or the gardener you tap the app, put in the recipient’s phone number and amount and push send, job done. The recipient doesn’t even need a smartphone.
“There are a few other banks in the country that have done something similar, but if you look at the user experience it’s not so simple, one has to log on and go through the internet banking etc,” said Peter England, the chief executive of RAKBank. “Ours is as simple as possible. It doesn’t need to be a smartphone or to someone with a bank account. They go and pick the money up from one of RAKBank’s ATMs using a code that is sent to them. If they have the app it will tell them their closest ATM machine.”
Technology is an increasingly easy way for banks to differentiate themselves, but perhaps for not much longer. In June the UAE Banks Federation said that it had launched its mobile wallet project. The use of “smart wallets” is intended to enable government services to be paid for using state-of-the-art technology with the ability to make purchases, store money and transfer it to others securely.
“I don’t see the government’s smart wallet project happening any time soon,” said Mr England. “Our MobileCash app didn’t cost a huge amount, probably less that a few hundred thousand dirhams. For us information technology is not a revenue driver, it is a service which we offer to our customers. We have seen 25 per cent of all our customers sign up for mobile banking, and about 5,000 more sign up every month, so it obviously offers something different to them.”
RAKBank’s press launch of its new app suggested a more emphatic approach to engaging with the public and may be the starter pistol for a broader movement into the banking sector as a whole.
“We are seeing increased account openings across the board, we are 15 per cent [to] 20 per cent up on last year. Our lending volumes are through the roof, the balance sheet grew about 14 per cent this year so the bank is expanding very fast,” said Mr England. “We may look at an Islamic banking subsidiary. We currently have a finance company subsidiary but we see Islamic penetration of products on new sales about 40-50 per cent, particularly on auto loans, so it’s a very strong area for us.”
RAKBank, in which the government of Ras Al Khaimah is the biggest investor, posted revenue in this year’s second quarter of Dh874.3 million, up 10.6 per cent from the year-earlier quarter.
The latest quarter’s net income of Dh365.9m was, however, 6.6 per cent lower from a year earlier.
ascott@thenational.ae
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MATCH INFO
Watford 2 (Sarr 50', Deeney 54' pen)
Manchester United 0
Maestro
Director: Bradley Cooper
Starring: Bradley Cooper, Carey Mulligan, Maya Hawke
Rating: 3/5
MATCH INFO
Chelsea 1 (Hudson-Odoi 90+1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
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Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
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Publisher: Square Enix
Console: PC, PS5
Release date: January
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Publisher: SEGA
Console: PC, PS5, XSX
Release date: February
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Publisher: Electronic Arts
Console: PC, PS5, XSX
Release date: March
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Publisher: Warner Bros
Console: PC, PS5, XSX
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Publisher: Square Enix
Console: PS5
Release date: June
Street Fighter 6
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Publisher: Capcom
Console: PS5, XSX, PC
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Publisher: Blizzard Entertainment
Console: PC, PS5, XSX
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Baldur's Gate 3
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Publisher: Larian Studios
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The Legend of Zelda: Tears of The Kingdom
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Publisher: Nintendo
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Release date: 2023
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Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
'Tell the Machine Goodnight' by Katie Williams
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Stars: Sasha Calle, Ben Affleck, Ezra Miller
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MATCH INFO
World Cup 2022 qualifier
UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
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Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
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Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund