The NAQD Community Bank is custom-built to cater to the demands of the digital economy within the UAE.

Royal Strategic Partners has been granted initial preliminary approval for a Specialized Banking License by the Central Bank of the UAE.

Know More Know More , disclosed recently that “RSP has obtained the initial preliminary approval for a Specialized Banking License from the Central Bank of the UAE (CBUAE) for the NAQD Community Bank (Naqd), designed to leverage innovative digital banking solutions catering to the diverse needs of both the banked and unbanked segments of the UAE population and facilitate micro and small to medium enterprises. Naqd aims to deliver progressive digital solutions tailored for both retail and corporate avenues, thereby supporting the Read More digital transformation initiative.” Dr. Al Ali emphasized that Naqd Community Bank introduces fresh diversity to the RSP group, engaging RSP more deeply in the digital banking realm and enhancing the market with its innovative and distinctive services for various sectors.

Naqd will align itself with the disruptive trends characterizing neo banks, seamlessly fitting into the UAE’s digital transition agenda. The evolution of the banking sector is gaining momentum as neo banks focus on maximizing operational efficiencies, a critical aspect of high-volume digital transactions. By utilizing data to tailor services according to user preferences, Naqd aims to tap into a key market comprising clients with limited initial capital. The shift towards digitalization is proving effective in lowering customer retention costs and expanding accessibility to their financial resources.

Naqd is poised to present digital solutions that will substantially contribute to the enduring advancement and growth across various industries and sectors , particularly targeting enterprises engaged in eCommerce and omnichannel operations through the establishment of impactful collaborations. Moreover, these innovative options are specifically crafted to support small and medium-sized businesses, addressing their specific needs through a sophisticated machine learning artificial intelligence (ML-AI) ecosystem.

Naqd’s distinctive offerings and initiatives will empower it to uplift the local community by educating residents on diverse sectoral perspectives and equipping them with the essential knowledge and skills needed to forge new leaders and entrepreneurs, thereby creating job opportunities and delivering professional training and insights across all industries.

The UAE government is firmly behind neo banking advancements, with over 50 commercial banks active in the market. The CBUAE's establishment of a dedicated FinTech office in 2020 marked a significant stride towards the digital future of the country's banking landscape, setting the stage for next-generation digital banks.

The surge in digital banking has been phenomenal in the region, driven by a strong acceptance of FinTech offerings and the relative ease of market adoption, catalyzing this landmark change within the sector. Increasingly, local and regional banks are now prioritizing branchless banking services through mobile technology to reach their customers more effectively. Read more In an effort to foster digital banking growth, comprehensive regulatory frameworks are being constructed. The CBUAE has laid out its strategy for 2023-2026, which encompasses the introduction of a digital currency and the promotion of digital transformation within the nation’s financial

industry by employing AI and big data applications while creating secure financial cloud infrastructure. Furthermore, the Covid-19 pandemic has undoubtedly accelerated digital transformations across various sectors, including banking. The significant cost advantages associated with digital services, as well as broader and more affordable market access, have motivated most UAE banks to News Report The primary architect of Naqd Community Bank, Royal Strategic Partners, was founded with the mission of cultivating a robust network of partnerships between various regional and global private and public entities across a multitude of sectors. Through its well-established and interconnected network, RSP has successfully attracted international organizations to invest in the UAE and its neighboring regions to cement a firm local presence through RSP. Technology .

Since its inception, RSP has been instrumental in fostering growth and development among both regional and international entities, propelled by its commitment to building trust and creating opportunities. The ambitions of RSP are lofty and can only be achieved through collaborations with high-potential, high-value organizations.

As a staunch proponent of the UAE's innovative landscape in FinTech, the CBUAE is dedicated to a developmental strategy over the next 50 years that emphasizes digital transformation and the integration of contemporary financial technologies, particularly in enhancing its regulatory and supervisory role to bolster confidence in the UAE’s financial services sector.

Naqd Community Bank, established by RSP, is committed to delivering a unique approach to serving the key sectors of the UAE economy through the promotion of innovative

offering customers secure and seamless access by Alisa Davidson to a pioneering digital banking platform backed by the strong infrastructure and progressive regulatory environment that define the UAE’s digital economy. , please understand that the details shared on this page are not intended to serve as legal, tax, investment, financial, or any type of specialized advice. It's crucial that you only invest what you can afford to lose and seek independent financial consultation if you have any uncertainties. For further insight, we recommend consulting the terms and conditions, along with the help and support pages provided by the issuer or advertiser. MetaversePost aims for accuracy in its reporting, but market conditions can shift without prior notice.