Al Maryah Community Bank, the UAE’s first fully integrated digital bank, has announced the formation of its board of directors with Tariq Ahmed Al Masaood serving as chairman.
The bank said in a statement that the new board will bring expertise that will help to steer it to become “the leading digitalised financial services provider in the UAE”.
Al Masaood said: “It is a historical moment for the banking industry in the UAE as we formed the board of directors for the first digital bank, especially that we have outlined a strategy of keeping the UAE Community in the lead to serve and improve the quality of life.
“I am also pleased to mention that the board of directors are extremely successful people from diversified fields and are very well connected to the community and its’ segments.”
Omar Abdulla Al Zaabi has been named vice-chairman while the rest of the board includes Ahmed Jaber Al Suwaidi, Ahmed Shaiba Al Ameemi, Meera Sultan Al Suwaidi, Khaled Thani Al Romaithi, Omran Mohammed Al Khoori, Younes Fateh Ali Al Khajeh, Saeed Abdulla Al Dhaheri, Abdulla Mohamed Bin Desmal Al Suwaidi and Obaid Hilal Al Kaabi
Al Masaood added that the bank’s primary objective is to focus on serving the financial and social needs of the local UAE community.
Established in April, Al Maryah Community Bank has received a licence from the country’s central bank.
Al Maryah Community Bank said it will employ forward thinking concepts driven by innovation and technology to serve all the community banking needs of individuals and small businesses within the UAE economy.
Customers will be able to open their accounts and experience smart banking services built on AI powered technology integrated with UAE Government’s Smart Services.
In April, it was also announced that Emaar founder and chairman Mohamed Alabbar will head Zand, the first digital bank in the world to provide both retail and corporate banking.
A survey from Boston Consulting Group (BCG) in October last year revealed that 87 percent of respondents in the UAE would be willing to open an account with a branchless digital-only bank.
Last year, Abu Dhabi investment firm ADQ revealed plans to set up a digital bank with an initial capital of AED2 billion ($545 million) after obtaining the legacy licence of First Gulf Bank.
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