UAE banking is turning digital, and Dubai’s GII wants to have a big say in it

UAE banking is turning digital, and Dubai’s GII wants to have a big say in it

Dubai: When it comes to banking in the UAE, digital seems to be the only way to go about it. The first wave of digital-only banks are going live – Wio, Zand – and more of UAE’s traditional banks are scoring hits by transitioning, with Abu Dhabi’s Al Hilal Bank confirming some strong consumer wins since the switch in February. Soon, another digital-only bank will be opening its virtual doors in the UAE, but with a slight difference in its target audience. That’s the plan Dubai-based GII (Gulf Islamic Investments) has for a banking entity – Anglo-Gulf Trade Bank - bought from Mubadala earlier this year. “We are working on making it a wholesale bank that will be heavily driven by technology,” said Pankaj Gupta, co-CEO at GII. “It will not be driven by branches, and what we plan to do is address the massive question of financing faced by high-growth companies in the UAE or GCC. “The aim is to try and create businesses that can run for generations.” Clearly, UAE’s new generation of digital banks are carving up their turfs. And that means thinking beyond consumers or SMEs. For instance, Emirates Development Bank’s digital entity is exclusively focusing