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Dubai Investment Corporation (DIC) has acquired a 9% stake in Monument Bank Limited, a British digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK).
Monument Bank focuses on the ‘mass affluent’ segment of the UK and aims to provide core banking and other related services, helping customers thrive and optimize their time by delivering smart, efficient and flexible solutions.
Monument Bank’s property investment loans and range of savings products use advanced in-app functionality for customer engagement, and the bank plans to continue expanding its range of products and services to meet the evolving needs of mass affluent customers.
It is currently developing a wider suite of products and services that can make affluent lives easier for the masses in the UK and globally. In a statement, DIC said the bank’s move is fundamentally based on innovative technology.
In terms of strategic moves, Deputy Chairman and CEO Khalid bin Kalban said: “This acquisition presents DIC with a unique opportunity to enter the digital banking space in one of the most advanced and regulated markets.”
Ian Rand, CEO of Monument Bank, noted that through this investment, and the partnership with Dubai Investments, they will accelerate the expansion of their UK operations, launch innovative solutions and increase market share, while leveraging their technology to work with partners and clients around the world .
Mintoo Bhandari, Head of Institutional Relations and Founder, Monument Bank, said: “We believe we are uniquely positioned to capitalize on emerging trends and opportunities in our domestic market, and we believe our partners investing in Dubai can leverage our technology The capability expands our presence and reach in other markets around the world, helping us advance our strategic plans.”
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