Anglo-Gulf Trade Bank (AGTB) was awarded the first digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), Islamic Business & Finance reported on Wednesday (Sept. 11).
AGTB will offer people in the UAE trade and transaction banking services, the company said in a statement on its website. It will work with ADGM’s Registration Authority (ADGM RA) to streamline account opening with the exchange of Know Your Customer (KYC).
The company also wants to eventually expand its international presence, Anglo-Gulf Trade Bank Deputy CEO Daniel Gould said in the statement.
“The UAE is globally renowned as a digitally-centric hub that thrives off nurturing innovation and new-age thinking for tomorrow’s social and economic betterment,” Gould said. “As such, the innovation-friendly environment of Abu Dhabi Global Market has offered AGTB a robust foundation for revolutionizing the digital finance matrix — first in the UAE, followed by a broader international footprint. This will empower us to bring simple, client-first financial inclusivity and enables us to bolster the UAE capital in becoming a truly world-leading, award-winning financial center, offering transactional banking services to corporates across the globe.”
Microsoft announced in July that it is collaborating with Anglo-Gulf Trade Bank on a digital overhaul. Enterprise IT consulting firm Publicis Sapient will develop end-to-end solutions for AGTB in an effort to expand access to trade finance in the region. Publicis will provide its digitization expertise with Microsoft’s cloud-based security and data technologies; together, the firms will oversee the bank’s implementation of new technology and support enhanced client experience.
Microsoft UAE General Manager Sayed Hashish pointed to “unprecedented changes in the financial services industry” that are generating the need for banks to transform digitally and embrace technology.
“Microsoft’s intelligent and trusted cloud is enabling a wave of innovation: this is powered by enterprise-grade reliability, combined with data residency and the broadest compliance,” Hashish said at the time.