#Digital Banking
The investment group acquired a 9 per cent equity stake in the digital bank earlier this year
The lender has reported a net profit as interest income surged amid continued economic momentum in the country
The Shariah-compliant bank’s total income reached Dhs9.3bn during the quarter, up 49 per cent from Dhs6.22bn the same period a year ago
The plans to further support its Algerian business to accelerate its growth and capture new pockets of opportunities within the country and the wider region
The sector is expected to maintain a stable outlook in 2023 driven by growing demand for digital services and industry competitiveness
While omnichannel and digital services aren’t new to banks, many institutions have struggled to keep up with the rapid changes and the scale of demand during the pandemic
Increasing numbers of fintech institutions are outsourcing their digital banking strategies
Zand’s backers include Franklin Templeton, Aditya Birla Group, Al Hail Holding, Global Development Group and Yusuff Ali of Lulu Group
The digital bank has tied up with Federal Bank, a commercial bank in India, to enable its Indian customers to open a non-resident account with the latter
Here’s why digital banking will continue to grow rapidly within the country
The smartSCF platform will provide automated tools to optimise working capital and reduce transaction costs
Rafik Nayed, group CEO, Al Salam Bank Bahrain, discusses the bank’s digital strategy in the Covid era with Gulf Business