Anglo-Gulf Trade Bank has secured the first digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
AGTB will offer people in the UAE trade and transaction banking services, the company said in a statement. It will work with ADGM's Registration Authority (ADGM RA) to streamline account opening with the exchange of Know Your Customer (KYC).
The company also wants to eventually expand its international presence, Anglo-Gulf Trade Bank Deputy CEO Daniel Gould said in the statement.
The UAE is globally renowned as a digitally-centric hub that thrives off nurturing innovation and new-age thinking for tomorrow’s social and economic betterment"
"The UAE is globally renowned as a digitally-centric hub that thrives off nurturing innovation and new-age thinking for tomorrow's social and economic betterment," Gould said. "As such, the innovation-friendly environment of Abu Dhabi Global Market has offered AGTB a robust foundation for revolutionizing the digital finance matrix — first in the UAE, followed by a broader international footprint.
"This will empower us to bring simple, client-first financial inclusivity and enables us to bolster the UAE capital in becoming a truly world-leading, award-winning financial center, offering transactional banking services to corporates across the globe."
Thomas Hirschi, the senior executive director and head of Banking & Insurance, FSRA, said that the ADGM is committed to providing an inclusive well-regulated and market-oriented platform that empowers the banking and financial community and financial innovators to flourish.
AGTB endeavours to become the world's pre-eminent digital transaction services and trade solutions bank - focusing not only on delivering fundamentally re-imagined, digital-first trade finance solutions to corporates in the MENA region and the world, but also leveraging its unique mix of bank and fintech DNA to provide Banking as a Service (BaaS) solutions to fintech at ADGM.