Al Maryah Community Lender completes style of its digital platform

Al Maryah Community Lender, the UAE's new digital lender, said it has finished the look of its technology program, filled with Artificial Intelligence capabilities.

“After extensive analysis of the available technologies in the market, we zeroed into this state-of-the-art turnkey solution which will transform and amplify the power of digital banking," Mohammed Wassim Khayata, leader of Al Maryah Community Bank, said. "We've successfully implemented and examined the first stage of our technology roadmap and we will be confident that our Al Maryah digital banking platform will enable us to offer our clients a distinctive, secure and smooth banking experience."

The establishment of new digital banks in the UAE is occurring as require for digital payments and additional FinTech services increases in the wake of the coronavirus pandemic. Globally, digital repayments are set to develop to $8.3 trillion in 2024, from $4.4tn this past year, according to Statista.

Al Maryah Community Lender, which received an in-principle approval from Central Bank of the UAE found in April, expects to announce the launch date soon, it said found in the statement.

"Our Artificial Intelligence-powered digital banking system and its integration functions give us the needed versatility and openness to provide diversified and futuristic product or service across multiple digital stations," Tarek Soubra, chief technology officer at Al Maryah Network Bank, said.

The digital bank plans to serve individuals and corporate clients. The lending company is also focusing on several smart stations to digitally connect with customers and provide them quick, personalised offerings with minimal lead period and a secure banking knowledge, it said.

In April, the lender set up a founding steering committee and appointed Tariq Al Masaood as its chairman. The brand new digital bank as well named nine other participants of the committee to drive its growth.

In the same month, Emaar Properties founder and former chairman Mohamed Alabbar explained he'll lead Zand, the UAE’s initially digital bank that may focus on retail and corporate clients. Zand also ideas to give attention to retail and corporate clientele.

ADQ, the conglomerate that owns Abu Dhabi federal government stakes in a variety of businesses, said this past year it planned to create a digital bank found in the UAE utilizing a legacy banking licence held by First of all Abu Dhabi Bank.

A good Boston Consulting Group study that polled more than 2,000 respondents in the UAE last year found that 87 % would be ready to open an account with a branchless, online lender.