What if you don’t have to submit any documents to open a bank account? This digital revolution is now here in the UAE.
Al Maryah Community Bank, the UAE’s first fully digital bank, has integrated its mobile app with the UAE Pass, which allows residents to open savings and current accounts without having to provide any documentation.
Launched by the Telecommunications and Digital Government Regulatory Authority (TDRA), the UAE Pass app is the first national digital identity and signature app that enables users to identify themselves to government service providers in all emirates through a smartphone-based authentication. It also enables users to sign documents digitally with a high level of security.
The bank plans to introduce products and services like fixed deposits, fund transfers, cheque books, cash deposit services, ATM services, minor accounts, family accounts, business accounts, debit cards, credit cards, and digital debit cards as part of its implementation schedule.
By downloading the app and creating an account on UAE Pass, the user will have a single digital identity across both local and federal government entities, in addition to various other service providers.
On July 7, Al Maryah bank announced that it had received its final approval from the UAE Central Bank.
It said the customers would have a free-for-life account with no minimum balance required.
Mohammad Al Zarooni, deputy director-general for the information and e-government sector at the TDRA, said Al Maryah Community Bank joining the Digital Identity System is in line with the concept of integration and partnership between the public and private sectors to advance digital transformation and strengthen the foundations of the digital knowledge society and economy.
“TDRA welcomes any initiative from banks and private companies in the UAE to contribute to the implementation of digital government strategies by adopting solutions and services that we are developing based on our role as an enabler of digital transformation at the national level,” said Al Zarooni.
Humaid Al Attar, executive vice-president at Al Maryah Community Bank, said customers have shown a high level of interest in the Mbank UAE app since its launch in July 2021.
Source: Khaleej Times