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Abu Dhabi Global Market licenses worlds’ first digital bank

Thursday, 09 12 2019, Category: Banking, Country: U.A.E
Anglo-Gulf Trade Bank (AGTB), a global pioneer in digital transaction banking, has received a full digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

This latest chapter in AGTB’s digitally transformative roadmap heralds a landmark occasion for the Abu Dhabi-headquartered organisation, especially as it is now ADGM’s first fully licensed digital bank. The awarding of the license is an important step towards AGTB delivering simplified, client-centric, inclusive trade banking and transaction banking services.

Additionally, AGTB is working closely with ADGM’s Registration Authority (ADGM RA) to enable seamless corporate account opening for ADGM entities by allowing the permissioned exchange of Know Your Customer (KYC) information from ADGMRA to AGTB. This will significantly accelerate and streamline the account opening process for ADGM entities.

Thomas Hirschi, Senior Executive Director and Head of Banking & Insurance, Financial Services Regulatory Authority, Abu Dhabi Global Market, said, ADGM is pleased to award a full digital banking license to Anglo-Gulf Trade Bank. ADGM is committed to providing an inclusive, well-regulated and market-oriented platform that empowers the banking and financial community and financial innovators to flourish.”

Daniel Gould, Deputy CEO of Anglo-Gulf Trade Bank, added: “The UAE is globally renowned as a digitally-centric hub that thrives off nurturing innovation and new-age thinking for tomorrow’s social and economic betterment.

“As such, the innovation-friendly environment of Abu Dhabi Global Market has offered AGTB a robust foundation for revolutionising the digital finance matrix – first in the UAE, followed by a broader international footprint. This will empower us to bring simple, client-first financial inclusivity and enables us to bolster the UAE capital in becoming a truly world-leading, award-winning financial centre, offering transactional banking services to corporates across the globe.”

AGTB endeavours to become the world’s pre-eminent digital transaction services and trade solutions bank – focusing not only on delivering fundamentally re-imagined, digital-first trade finance solutions to corporates in the MENA region and the world, but also leveraging its unique mix of bank and FinTech DNA to provide Banking as a Service (BaaS) solutions to FinTechs at ADGM. This will empower AGTB to strive for and achieve greater financial inclusivity for oft-underserved client segments.

Source: Al Bawaba
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