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The Abu Dhabi Stock Exchange has signed an agreement with the UAE’s first digital bank, Al Maryah Community Bank (MBBank), to facilitate initial public offering (IPO) subscriptions and simplify the process of obtaining a National Investor Number (NIN).
As part of the agreement, MBank customers will be able to digitally create NINs and self-subscribe to the Abu Dhabi Stock Exchange (ADX) IPO through MBank’s mobile app and online channels.
The partnership follows recent ADX initiatives to encourage market participation, including initiatives to provide access to the exchange to investors registered in other UAE financial markets, as well as updating the exchange’s SAHMI application.
Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said: “Our strategic partnership with MBank will support our efforts to strengthen our customer-centric focus and enhance market liquidity.”
“The exchange has a strong IPO pipeline and the new services ADX provides to MBank will help create investor numbers and subscription listings. We look forward to exploring further opportunities with entities in the UAE, which will help provide easier access to Access is for investors who wish to participate in the ADX offering,” said Al Dhaheri.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, applauded ADX’s efforts, saying, “We are proud to work with the exchange to enable clients to obtain investor numbers for adult investors and their minor children, which in turn It has facilitated their engagement in discovering investment opportunities directly through the bank’s mobile app (Mbank UAE) without the need to submit any paperwork or visit a branch or ADX in person.”
“We are eager to strengthen this collaboration and provide more innovative, pioneering services through digital banking transformation to provide seamless services and boost economic growth,” Khayata noted.
ADX has expanded its product offering over the past year to include exchange-traded funds (ETFs), derivatives and an approval framework for special purpose acquisition companies (SPACs). Driven by a series of IPOs and listings and increased demand from international investors, the exchange achieved a milestone with a combined market capitalization of over AED2 trillion ($544.2 million). –arab trade news agency
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