Post by : Badri Ariffin

In a significant move, the Central Bank of the UAE has granted in-principle approval to “MINT Gateway” and “Alternative Venture Capital”, a branch of Abu Dhabi Capital Group, allowing them to establish “Omla Community Bank” in Umm Al Quwain.

The new digital banking venture is set to be headquartered in Umm Al Quwain, with the ambition of extending its services throughout all seven emirates of the UAE.

According to Abdulrazzaq Al Abdulla, the visionary behind “Omla” and Chairman of GBS Holding Group and “Mint Gateway”, this approval marks a vital advancement toward introducing an innovative digital banking approach tailored for the UAE market. He expressed gratitude towards the Government of Umm Al Quwain and the Central Bank for their support.

“Omla Community Bank” is envisioned to craft a state-of-the-art banking ecosystem harnessing the potential of artificial intelligence, advanced automation, and a robust digital framework. It aims to simplify and enhance financial services for individuals, families, small businesses, workers, and entrepreneurs alike.

AI will be integral to the bank’s functions, influencing everything from customer service and risk management to compliance and core banking operations. This AI-centric model is anticipated to foster greater efficiency, transparency, and sustainable growth.

In a bid to redefine banking norms, Omla intends to create a comprehensive financial platform catering to everyday necessities, including housing, education, healthcare, and transport, utilizing AI-powered solutions.

Emphasizing a fresh workplace ethos, “Omla Community Bank” plans to implement a “No Tie Policy”, encouraging creativity and flexibility in its operations to strengthen relationships with customers.

As the founding stakeholders, “Mint Gateway” and “Alternative Venture Capital” bring their financial acumen and strategic foresight to sculpt a banking experience that aligns with the UAE’s objectives of digital transformation.

The new bank is poised to bolster financial inclusion, support SME development, promote responsible AI usage, and drive digital economy growth.

With its official launch on the horizon, “Omla Community Bank” is gearing up to offer a range of services including digital accounts, payments, remittances, responsible financing options, vehicle financing, and AI-driven financial insights.

It remains imperative that all products and services undergo and receive final approval from the Central Bank of the UAE before commencing operations.

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