ADGM awards first digital banking licence to Anglo-Gulf Trade Bank

(From left to right) Waheed Rathore, the Executive Director, Banking & Insurance Supervision, Financial Services Regulatory Authority of ADGM; Richard Teng, CEO, Financial Services Regulatory Authority of ADGM; Daniel Gould, Deputy CEO, Anglo-Gulf Trade Bank and Fraser Brown, Executive Director, Banking & Insurance Authorisation, Financial Services Regulatory Authority of ADGM.

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Regulated by the Financial Services Regulatory Authority (FSRA) of ADGM, the firm is poised to bring transformative, disruptive Banking-as-a-Service (BaaS) solutions.

Wednesday 11, September 2019 BY MUZORIWA KUDAKWASHE

Abu Dhabi’s Anglo-Gulf Trade Bank (AGTB) has received a full digital banking licence and Category 1 status from the FSRA of Abu Dhabi Global Market (ADGM).

In a statement, AGTB said that as ADGM’s first fully licenced digital bank, the firm seeks to deliver simplified, client-centric inclusive trade banking and transaction banking services.

AGTB is also working with ADGM’s Registration Authority (ADGM RA) to enable seamless corporate account opening for ADGM entities by allowing the permissioned exchange of Know Your Customer (KYC) information from ADGMRA to AGTB, which will accelerate and streamline the account opening process for ADGM entities.

Thomas Hirschi, the Senior Executive Director and Head of Banking & Insurance, FSRA, said that the ADGM is committed to providing an inclusive well-regulated and market-oriented platform that empowers the banking and financial community and financial innovators to flourish.

The innovation-friendly environment of the ADGM has offered AGTB a robust foundation for revolutionising the digital finance matrix—first in the UAE then the broader international footprint, this will empower the firm to bring client-first financial inclusivity, said Daniel Gould, the Deputy CEO of Anglo-Gulf Trade Bank.

 

TAGS : ADGM, FSRA, Anglo-Gulf Trade Bank , KYC, digital banking licence

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