UAE’s top bank gives preliminary approval to launch of Naqd Bank

The Central Bank of the United Arab Emirates has Given its preliminary approval Royal Strategic Partners (RSP) launches NAQD Community Bank (Naqd).

The newly granted specialist banking license allows Naqd to provide digital banking solutions to companies across a wide range of industries, especially e-commerce and omni-channel entities.

With the approval, the UAE aims to achieve its digital transformation goals.

Naqd, established by RSP, will provide a range of financial services to the UAE’s banked and unbanked population, as well as micro-small and medium-sized enterprises (micro-SMEs) and start-ups.

The bank will use machine learning-artificial intelligence ecosystem (ML-AI) technology and other technologies to benefit SMEs and their customers.

It will work with neobanks, which are transforming the banking system with a customer-centric approach and services.

Dr Hamad Al Ali, CEO of Royal Strategic Partners, said: “Naqd will provide its clients with a secure, seamless and cutting-edge digital banking network, supported by reliable and advanced infrastructure and progressive laws for the UAE’s digital economy.

“Naqd plans to contribute to the growth of digital banking in the country by providing customers with a unique, secure and seamless banking experience.

“By doing so, we aim to support the strong regulatory framework that is being established and the UAE Central Bank’s strategy for 2023-2026, which includes the issuance of a digital currency to facilitate the digital transformation of the country’s financial services sector through the use of artificial intelligence (AI) , and big data solutions to develop a more secure financial cloud infrastructure.”