Al Maryah Community Bank, the UAE's new digital bank, said it has finished the design of its technology platform, complete with Artificial Intelligence capabilities.
“After extensive research 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, chief executive of Al Maryah Community Bank, said. "We have successfully implemented and tested the first phase of our technology roadmap and we are confident that our Al Maryah digital banking platform will enable us to offer our clients a unique, secure and seamless banking experience."
The establishment of new digital banks in the UAE is taking place as demand for digital payments and other FinTech services increases in the wake of the coronavirus pandemic. Globally, digital payments are set to grow to $8.3 trillion in 2024, from $4.4tn last year, according to Statista.
Al Maryah Community Bank, which received an in-principle approval from Central Bank of the UAE in April, expects to announce the launch date soon, it said in the statement.
"Our Artificial Intelligence-powered digital banking platform and its integration capabilities give us the needed flexibility and openness to offer diversified and futuristic products and services across multiple digital channels," Tarek Soubra, chief technology officer at Al Maryah Community Bank, said.
The digital bank plans to serve individuals and corporate clients. The lender is also working on several smart channels to digitally connect with customers and offer them quick, personalised services with minimal lead time and a secure banking experience, it said.
In April, the bank set up a founding steering committee and appointed Tariq Al Masaood as its chairman. The new digital bank also named nine other members of the committee to drive its growth.
In the same month, Emaar Properties founder and former chairman Mohamed Alabbar said he will lead Zand, the UAE's first digital bank that will cater to retail and corporate clients. Zand also plans to focus on retail and corporate clients.
ADQ, the conglomerate that owns Abu Dhabi government stakes in a range of businesses, said last year it planned to set up a digital bank in the UAE using a legacy banking licence held by First Abu Dhabi Bank.
A Boston Consulting Group survey that polled more than 2,000 respondents in the UAE last year found that 87 per cent would be willing to open an account with a branchless, online bank.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The%20specs
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Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Company%20Profile
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UAE currency: the story behind the money in your pockets
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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Diriyah%20project%20at%20a%20glance
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Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
EA Sports FC 24
