UAE and international companies apply for digital banking licences with ADGM

Friday 11 September 2020 12:32 CET | News

The Abu Dhabi Global Market has received interest from several companies in the UAE, the Middle East and Asia-Pacific to establish digital banks in the emirate’s international financial free zone.

In 2019, ADGM granted the first digital banking licence to Anglo-Gulf Trade Bank. The lender, a joint venture between AGTB Holdings and Mubadala Investment Company, defines itself as the first digital trade finance bank looking to facilitate commerce between companies in the Middle East, UK and Asia through blockchain technology.

ADGM, the asset management and financial services hub in the Mena region, has also awarded licences to five digital asset exchanges and approved in principle five more permits for exchanges.

The companies bring expertise in blockchain and asset trading, including tokenisation and securitisation, which will allow more liquidity to flow into the market, he said.

Despite the pandemic that has tipped the global economy into the deepest recession since the 1930s, the number of companies applying for licences at ADGM has grown in 2020.

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Keywords: Abu Dhabi Global Market, digital banks, banking licence
Categories: Banking & Fintech
Countries: United Arab Emirates
This article is part of category

Banking & Fintech

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