Abu Dhabi Global Market welcomes digital bank applications
Thursday, 07 11 2019, Category: Banking, Country: U.A.E
Digitalisation has led to a rapid transformation of the banking industry. Recognising this and to further support innovation, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is pleased to announce and welcome local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi, capital of the United Arab Emirates.
This initiative comes in response to regional and international enquiries seeking a proven and conducive ecosystem that fosters opportunities and market development. With innovation, supporting growth and anchoring activities in MENA for the benefit of the region as its ethos, ADGM provides an ideal jurisdiction and environment for the digital bank model.
A digital bank is one that accepts deposits, and carries on other related financial services activities, primarily through online, digital or electronic means rather than through physical interaction with customers. Digital banks are financial institutions that seek to provide novel customer and transactional solutions. The FSRA is of the view that, amongst others, digital banks in ADGM will add significant value to the SME, corporate and wholesale sectors and further contribute to the development of the overall financial ecosystem, promoting inclusion, and enhancing financial services and intermediation in ADGM and more widely.