Naqd Community Bank, backed by Royal Strategic Partners, has received preliminary approval from the UAE Central Bank to operate as a digital-only bank. The new entity will focus on offering banking solutions to support the long-term growth of companies operating in numerous industries, especially in the e-commerce and omnichannel spaces.
In addition, the bank plans to tap into UAE’s entertainment, transportation, logistics, retail, and healthcare sectors. Naqd Community Bank aims to promote the development of digital banking in the UAE by leveraging cutting-edge digital banking technologies and innovations to offer customers a unique, secure, and seamless banking experience.
The bank will also cater to the financial needs and requirements of the banked and unbanked population, as well as micro-SMEs and startups in the UAE. With the regulator already granting approvals for neo-bank operations from other entities, the new bank aims to transform the banking system in the UAE with its customer-centric approach and services.
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