Reem Finance has completed its conversion into Reem Bank after receiving a community banking licence from the Central Bank of the UAE.
The newly licensed institution operates within Judan Financials' portfolio, the financial services platform of International Holding Company (IHC).
The bank is licensed and regulated by the CBUAE and positions itself as a digital bank designed to serve retail customers, households, small and medium-sized enterprises (SMEs), fintech companies, digital wallets, and communities with limited access to banking services.
Open platform model and infrastructure
Reem Bank will operate as an open financial platform, leveraging Banking-as-a-Service (BaaS) infrastructure, API-based fintech integrations, and digital onboarding to connect customers, businesses, and wider networks. This model reflects a broader shift among regional financial institutions towards modular, infrastructure-driven banking, where third-party fintech firms can integrate directly into core banking services without requiring full licensing of their own.
The BaaS approach also aligns with the CBUAE's broader push to expand financial inclusion across the UAE, particularly for underserved communities and digitally native segments of the population.
Leadership and institutional background
A company official noted that the bank enters its new chapter with a mandate to rebuild trust through simplicity and forward-looking design. The appointed chief executive previously served as a board member at Reem Finance since 2015 and held senior roles in corporate and international banking at First Abu Dhabi Bank, including group head of corporate, commercial and international banking.
The transition from a finance company to a fully licensed community bank marks a significant regulatory milestone, granting Reem Bank broader authority to offer deposit-taking and a wider range of retail and SME banking products, capabilities that were not available under its previous finance company structure.
The institution is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
