The ‘first digital bank’ opens in the UAE

Dubai: The first digital bank has opened in the United Arab Emirates, after which there will be no need to submit documents to open a bank account.

Of the Arab media Reports Al Maria Community Bank, the UAE’s first full-fledged digital bank, has integrated its mobile application with ‘UAE Pass’, which will offer residents the opportunity to open savings and current accounts without providing documents.

Launched by the Telecommunications and Digital Government Regulatory Authority, the UAE Pass application is the first national digital identity and signature app to allow users to identify their identity to government service providers through smartphone-based authentication across the UAE. Enables

The Bank intends to introduce products and services such as Fixed Deposit, Fund Transfer, Check Book, Cash Deposit Services, ATM Services, Small Accounts, Family Accounts, Business Accounts, Debit and Credit Cards and Digital Debit Cards under its implementation schedule. Keeps

In addition to providing various other services to the user by downloading the app and creating an account on UAE Plus, both local and federal government agencies will have the same digital identity.

Al-Maria Bank announced on July 7 that it had received final approval from the UAE’s central bank. Al-Maria Bank’s management said customers would have a free lifetime account with at least Low balance will not be required.

Al-Maria Community Bank’s involvement in the digital identity system is in line with the concept of integration and partnership between the public and private sectors to advance digital transformation, said Muhammad Al-Zaruni, Deputy Director General, Information and E-Government Sector, TDRA. Which will strengthen the foundations of digital knowledge society and economy.

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TDRA welcomes any initiative by banks and private companies in the UAE to participate in the implementation of the digital government strategy.

Hameed Al-Attar, Executive Vice President, Almaria Community Bank, said that since its launch in July 2021, consumers have shown great interest in the MBank UAE app.

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