UAE Business: Abu Dhabi exchange, MBank sign pact to facilitate IPO subscriptions – Gulf Digital News

UAE Business: Abu Dhabi exchange, MBank sign pact to facilitate IPO subscriptions – Gulf Digital News

Abu Dhabi Securities Exchange has signed an agreement with Al Maryah Community Bank (MBank), the first digital bank in UAE, to facilitate initial public offering (IPO) subscriptions and streamline the process for obtaining a National Investor Number (NIN).

As part of the agreement, MBank customers will be able to digitally create a NIN and self-subscribe to IPOs on the Abu Dhabi Securities Exchange (ADX) through the mobile app and online channels of MBank.

The partnership follows recent ADX initiatives to encourage market participation, including an initiative to provide the exchange access to investors registered on other UAE financial markets and updates to the exchange’s SAHMI application.

Saeed Hamad Al Dhaheri, the Managing Director and CEO of ADX, said: "Our strategic partnership with MBank will support our efforts to enhance our focus on customer centricity and bolster market liquidity."

"The exchange has a strong pipeline of IPOs and the new service that ADX is providing to MBank will facilitate the creation of an investor number and subscription to listings. We look forward to exploring more opportunities with entities in the UAE that will help offer easier access to investors looking to participate in offerings on the ADX," stated Al Dhaheri.

Al Maryah Community Bank CEO Mohammed