Dubai Holding to launch regional digital bank

Dubai Holding, a global investment holding company, will invest up to $272.47 million (AED 1 billion) over the next five years to launch a next-generation digital bank in the UAE, it said in a statement on Monday.

The bank's services will also be expanded across the Middle East and North Africa region.

The digital bank aims to provide a platform to facilitate digital transactions and accelerate the drive towards a cashless society and facilitate the exchange of data and insights between individuals and businesses, the company said.

"Apart from serving our individual consumers, this bank will be amongst the first pure-play digital player in the UAE to serve the SME and mid-size corporate segment," said Abdulla Al Habbai, chairman, Dubai Holding.

The bank will roll out its first products in 2019.