Dubai: The board of directors of Sand, the UAE’s first bank to foray into digital banking, has been formed. The chairman of Sand Digital Bank is Mohammed Al Abbar, who is also the chairman of Emaar Group, which includes the Dubai Burj Khalifa, and Noon, a leading online company in the Middle East.
Lulu Group Chairman and Abu Dhabi Chamber Vice Chairman M.A. Yousafali is also on the board of directors. When the economy of the Gulf countries is getting more diversified, Indian businessmen MA Yousafali and Aditya Birla Group chairman Kumar Mangalam Birla who have invested in the bank are making their presence in the digital banking sector. Members of the Abu Dhabi royal family are also investors in Sand Bank.
High Internet usage among the youth and the growth of modern information technology has led to the increasing popularity of the digital banking sector, said Sand Digital Bank Board Member, Designated M.A. Yousafali said.
Now the era of digital bank is coming. Digital banking provides easy and seamless services to customers as compared to traditional banking. Yousafali added that the bank will be the country’s first digital bank under the UAE’s full banking license to offer a range of services.
Franklin Templeton Chairman Gregory Johnson, Abu Dhabi Al Hail Holdings CEO Hamad Jassim Al Darwish, Kumar Mangalam Birla, Emirates Airline CEO Adnan Qasim and Dubai International Financial Center Vice President Al Mazroi are also on the board.
The operation of the new bank will be aimed entirely at digital transactions. Sand Bank, which will start operations soon, is expected to have a turnover of five thousand crore rupees.
More Gulf countries, including Saudi Arabia, are entering the digital banking arena. Economists also assess that the measures are part of the efforts to diversify and strengthen the economy of the countries along with the global financial sector entering the digital age.