Al Maryah Community Bank, the UAE's new digital bank, said it has finished the design of its technology platform, complete with Artificial Intelligence capabilities.
“After extensive research of the available technologies in the market, we zeroed into this state-of-the-art turnkey solution which will transform and amplify the power of digital banking," Mohammed Wassim Khayata, chief executive of Al Maryah Community Bank, said. "We have successfully implemented and tested the first phase of our technology roadmap and we are confident that our Al Maryah digital banking platform will enable us to offer our clients a unique, secure and seamless banking experience."
The establishment of new digital banks in the UAE is taking place as demand for digital payments and other FinTech services increases in the wake of the coronavirus pandemic. Globally, digital payments are set to grow to $8.3 trillion in 2024, from $4.4tn last year, according to Statista.
Al Maryah Community Bank, which received an in-principle approval from Central Bank of the UAE in April, expects to announce the launch date soon, it said in the statement.
"Our Artificial Intelligence-powered digital banking platform and its integration capabilities give us the needed flexibility and openness to offer diversified and futuristic products and services across multiple digital channels," Tarek Soubra, chief technology officer at Al Maryah Community Bank, said.
The digital bank plans to serve individuals and corporate clients. The lender is also working on several smart channels to digitally connect with customers and offer them quick, personalised services with minimal lead time and a secure banking experience, it said.
In April, the bank set up a founding steering committee and appointed Tariq Al Masaood as its chairman. The new digital bank also named nine other members of the committee to drive its growth.
In the same month, Emaar Properties founder and former chairman Mohamed Alabbar said he will lead Zand, the UAE's first digital bank that will cater to retail and corporate clients. Zand also plans to focus on retail and corporate clients.
ADQ, the conglomerate that owns Abu Dhabi government stakes in a range of businesses, said last year it planned to set up a digital bank in the UAE using a legacy banking licence held by First Abu Dhabi Bank.
A Boston Consulting Group survey that polled more than 2,000 respondents in the UAE last year found that 87 per cent would be willing to open an account with a branchless, online bank.
