Royal Strategic Partners (RSP), an establishment attracting organizations from across the world to invest in the UAE, received the preliminary approval for a ‘Specialised Banking License’ from the Central Bank of the UAE to launch its NAQD Community Bank (Naqd).

The Naqd, founded by RSP, is poised to offer ground-breaking digital banking solutions that support the long-term growth of companies involved in numerous industries, particularly for businesses utilising the eCommerce and omnichannel spaces. This aligns with its commitment to achieving the UAE’s vision for digital transformation. It will cater to the financial needs and requirements of the banked and unbanked population, as well as micro-small and medium-sized enterprises (micro-SMEs) and start-ups in the UAE. Furthermore, these innovative solutions seek to support small and medium-sized businesses (SMEs) by catering to their needs using cutting-edge Machine Learning – Artificial Intelligence Ecosystem (ML-AI) technology.

 

Likewise, Naqd will also serve the UAE’s entertainment, transportation and logistics, and retail sector, in addition to the healthcare ecosystem, by providing innovative services that include – equipment financing, project financing, treasury management, and retail solutions. The advanced digital solutions will be effectively utilised to create a sports digital community where Naqd will collaborate with various UAE sports federations and associations to advance the sector’s infrastructure.

 

Dr Hamad Al Ali, CEO of Royal Strategic Partners stated: “We are pleased to have received the approval to launch our new NAQD Community Bank. The bank employs cutting-edge digital banking technologies and innovations to provide services to various significant economy sectors in the UAE. Naqd will provide its customers with a safe, seamless, and cutting-edge digital banking network supported by a reliable and advanced infrastructure as well as the progressive laws of the UAE’s digital economy. Naqd is slated to promote the development of digital banking in the country by offering customers a unique, secure, and seamless banking experience. By doing so, we aim to support the strong regulatory frameworks being established and the 2023–2026 strategy of UAE Central bank which includes issuing digital currency, promoting digital transformation in the country’s financial services sector through the use of artificial intelligence (AI) and big data solutions, developing more secure financial cloud infrastructure.”

 

He added: “The MENA region has been witnessing an upward trend in the use of digital banking owing to the high acceptance of fin-tech solutions and ease of adaptation in the market, which caused a significant shift in the industry. Several local and regional banks are presently concentrating on providing its customers with a branchless banking service via mobile banking technology. By adding RSP into the digital banking community and bringing cutting-edge and distinctive services and facilities to various sectors, we expect that the Naqd Community Bank will offer diverse opportunities for companies and individuals across the UAE.”

 

The Naqd bank will work with the Neo-banks, which is transforming the banking system with its customer-centric approach and services. The UAE’s digital agenda is completely aligned with the disruptive trends of Neo-Banks, resulting in the nation’s banking operations being altered at a rather surprising rate. The Neo banks primarily focus on streamlining operations while carrying out high-volume digital transactions. With more than 50 commercial banks presently operating in the UAE, Neo banking receives strong government support. By working together with the Neo-banks, Naqd will contribute to advancing the UAE’s banking sector to a completely digital world and encourage more new digital banks to launch its operations in the country.