The Central Bank of the United Arab Emirates has given in-principle approval to a new digital banking platform, backed by state holding company ADQ, to launch operations, ADQ said on Friday.
The move comes after a neobank backed by Dubai-based YAP, the first independent digital banking platform in the UAE, was launched last year.
Some UAE banks have in recent years launched their own digital banking offerings targeted at digitally-savvy and younger users, such as LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.
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