Dubai: Another digital-only bank has been licensed in the UAE, with Naqd Community Bank backed by Royal Strategic Partners winning preliminary approval from the UAE Central Bank.

The entity will offer banking solutions to ‘support the long-term growth of companies involved in numerous industries’, and particularly for those operating in ‘ecommerce and omni-channel spaces’. Naqd will also tap the UAE’s entertainment, transportation and logistics and retail, apart from healthcare.

“The bank employs cutting-edge digital banking technologies and innovations to provide services to various significant economy sectors in the UAE,” said Dr Hamad Al Ali, CEO of Royal Strategic Partners.

“Naqd is slated to promote the development of digital banking in the country by offering customers a unique, secure, and seamless banking experience. By doing so, we aim to support the strong regulatory frameworks being established and the 2023–26 strategy of UAE Central bank, which includes issuing digital currency, promoting digital transformation in the country’s financial services sector through the use of AI and big data solutions, developing more secure financial cloud infrastructure.”

More to follow…