The 9 Best Digital Banks In UAE (Digital Banking In UAE)

digital banks uae

In a technological era increasingly geared towards remote possibilities, digital banking is more popular than ever! While traditional banks offer online banking features, it is still necessary to create your account in person at the bank. With digital banks, you’ll have fantastic banking without needing to ever visit the bank in person! 

For those living in the United Arab Emirates, there are many fantastic digital banks to choose from. Whether you’re looking to create a digital bank account to manage personal finances or business finances, you’ll be able to open an account and securely manage your finances from the comfort of your smartphone. 

With a growing number of digital banks available in the United Arab Emirates, there’s truly a digital banking account for everyone! From personal banking to banking optimized for businesses and youth, there are many fantastic options when it comes down to digital banks in the UAE. Let’s take a look! 

Mashreq Neo 

mashreq neo

When it comes down to digital-only banks in the UAE, Mashreq Neo is one of the absolute best! Launched by Mashreq Bank in 2017, which is based in Dubai, this digital bank offers a wide variety of services to suit modern banking needs. In 2020, World Finance named Mashreq Neo the Middle East’s Best Mobile Banking App. 

With an emphasis on security, Mashreq Neo users can bank safely and easily. With a simple enrolment process and advanced security features, users will be reaping the benefits of their digital bank account in no time – regardless of what type of account that is, from a current account to savings, salary, or investment accounts. 

Not only does Mashreq Neo offer their users up to 350 AED cashback during their first ninety days with the bank, but users can earn 1.1% interest with a MaxSaver account. This digital bank isn’t just for banking: you’ll be able to invest in gold, forex, and stocks from the same digital platform. This is digital simplicity at its finest! 

Once users have created their Mashreq Neo account online, they’ll be able to manage their finances digitally using the official app. The Mashreq Neo app is available for both the Apple and Google Play app stores. 

For more information, you can visit Mashreq Neo’s official website at the above link! 

Liv Bank by Emirates NBD 

liv bank

Digital banking has always been forward-thinking – and Liv knows that. That is why this digital bank was designed with the digital generation in mind. Launched in 2017 by Emirates NBD, this bank has always been geared towards Millennials and Gen Z in the UAE. 

With great features and an intuitive platform, this is a great option for those looking to take their banking needs in a digital direction. In fact, Liv already has more than 300,000 users banking with them across the Middle East region. 

From the vast array of discounts offered to Liv’s digital bankers to the competitive 2% return on account balances greater than 5000 AED, there are many reasons to join this bank. Liv wants to help you manage your finances effectively, which is why they devised The Challenger, a part of their platform designed to help users meet banking goals and track expenses. 

Once users have digitally enrolled with Liv, they’ll be able to do their banking with Liv’s Apple or Android app. Due to the popularity of Liv, Emirates NBD launched another digital banking platform in 2019 called E20, this one geared towards digital business banking. 

For more information, you can visit Liv Bank’s official website at the above link! 

E20 by Emirates NBD 

e20 bank

After the popularity of their Liv digital banking service, Emirates NBD launched their digital business bank, E20, in 2019. With E20, prospective clients will be able to create a digital business account within minutes! From that point on, you’ll save even more time with this digital bank because E20 knows how busy people get when running a business! 

Regardless of the size of your business, there’s a digital business account that’s right for you! From civil, limited liability, and partnership companies to one-person LLCs, there’s an account for all small- and medium-sized enterprises (SMEs). 

Once users have enrolled with E20, they’ll be able to begin sending local payments within five days of signing up. Another digital bank from one of the UAE’s leading banking groups, Emirates NBD, E20 is a digital bank that prioritizes the safety of your business’ finances while giving you the tools to manage those finances effectively. All of that at an affordable rate! 

Users can download the E20 digital banking app on Google Play and Apple’s App Store. With this powerful banking app for businesses, you’ll be able to open your account and manage your business’s finances with ease from the palm of your hand. 

For more information, you can visit E20’s official website at the above link! 

YAP 

yap

Launched by RAKBANK in 2021, YAP is one of the leading digital banks in the United Arab Emirates. YAP – which spells ‘PAY’ backward – understands how busy modern life can get, which is why they strive towards simplifying your digital banking experience. With YAP’s digital banking platform, you’re in charge of your finances! 

Creating a YAP account is free of paperwork and only takes a moment! With the latest security and technological features, YAP users can bank simply and safely with ease of mind. Along with the YAP app’s financial analytic tools, you’ll be able to track your financial decisions. 

YAP has no plans to slow down! With the intention of becoming one of the leading digital banks in the Middle East, South Asia, and Africa, YAP aims to partner with banks in other regions to extend the reach of their services. This type of forward-thinking is exactly what digital bankers need! 

Once you’ve downloaded the YAP app from Google Play or the Apple App Store, you’ll be able to create your account in no time. You’ll then be issued an IBAN number by RAKBANK and have your banking card delivered. 

For more information, you can visit YAP’s official website at the above link! 

ADIB SmartBanking 

smartbanking

Created by Abu Dhabi Islamic Bank (ADIB), SmartBanking is a new digital banking experience available to residents in the UAE. Once you’ve created your digital SmartBanking account, your card will be delivered right to your doorstep. The rest can be managed digitally! 

From SmartBanking savings across the Middle East to free ATM withdrawals at ADIB ATMs across the UAE, there are many benefits to joining this progressive digital bank. With the power to control your bank account right from your smartphone, SmartBanking knows what modern users need from a digital-only bank. 

You’re not in this alone, either. With a vast online community called MoneySmart, you’ll be able to connect with other digital bankers across the Middle East. This allows you to share information and get advice from your peers and experts in various industries. 

Users can sign up for SmartBanking by downloading the app from Google Play or the Apple App Store. Once your card has been delivered, your banking experience will be a fully digital one! With more features being integrated regularly, this is a great digital bank for UAE residents. 

For more information, you can visit SmartBanking’s official website at the above link! 

ADIB Amwali 

adib amwali

Another fantastic digital bank founded by Abu Dhabi Islamic Bank, Amwali is a digital-only bank geared to the UAE’s youth. With this unique digital bank, you’ll be able to teach your child valuable financial management lessons while empowering them with invaluable knowledge about digital banking. 

With ADIB’s Amwali, the future of pocket money is in the palm of your hands! When you open an ADIB Amwali account for your child, you’ll be able to send them money to spend, track, and save. Users will receive a card that can be used for day-to-day spending, to withdraw money at an ATM, make online payments, and more. 

They won’t be doing it alone, however! Not only will you be able to set up regular payments to fund your child’s account, but the advanced parental control abilities allow you to track your child’s account and set account limits for them. This allows your child to safely learn these valuable skills.

To get started, ADIB’s Amwali app can be downloaded from Apple’s App Store or Google Play. From there, parents will be able to register an account for their children. Your child will be able to control their finances from their smartphone, while you’ll be able to monitor them from the comfort of your smartphone! 

For more information, you can visit Amwali’s official website at the above link! 

OG Pay 

ogpay

OG Pay is another great digital banking option for those residing in the United Arab Emirates. When it comes down to digital banks, this is one of the most secure and affordable options around. OG Pay is a versatile platform that has many features that make it a powerful digital banking solution. 

Registering for OG Pay is easier than ever! This can be done online or using their official app. Once users have registered, they’ll be equipped with a virtual debit card, which can be used immediately. However, users also have the option of ordering a physical card, which will be delivered to their door within a few days. 

Not only will OG Pay clients be able to keep their finances secure, but they’ll be able to buy and sell various cryptocurrencies through the digital platform. This functionality makes it possible for anyone to begin building a digital asset portfolio, regardless of how little or much they decide to invest. Your OG Pay balance will also earn a 2% annual percentage yield interest on their account balance.

OG Pay is a fantastic digital bank that allows you to manage your money with an intuitive and well-integrated digital platform. Prospective users can download the OG Pay app from Google Play or the Apple App Store. 

For more information, you can visit OG Pay’s official website at the above link! 

Xpence 

xpence

For digital business banking, Xpence is a great digital-only option that will be available to those who reside in the United Arab Emirates. From entrepreneurs to freelances, from startups to micro-businesses to SEMs, there’s an optimized digital current account for many different financial needs. 

With Xpence’s advanced digital platform, users will be able to capture receipts, do their invoicing, and save time on their bookkeeping. Users will be able to issue virtual Visa business cards for themselves and their teams. However, there’s also the choice of physical Visa cards that will be delivered.  

Not only will Xpence allow you to save time with many handy features, but it will be able to help you become more efficient and conscientious with your finances. With the intuitive platform, Xpence makes it easy for users to track their financial habits and improve upon them. Users will even be able to connect with fellow users through a unique online community. 

There are many features offered by Xpence that are not offered by traditional banks, such as integrated e-commerce, automated bookkeeping and, of course, digital enrollment. For those interested in joining Xpence, you’ll be able to join the Xpence waiting list online. The future of digital business banking is almost in the palm of your hand! 

For more information, you can visit Xpence’s official website at the above link! 

Zand 

zand bank

Zand is an upcoming digital bank that will soon be launched in UAE. The anticipation for Zand’s launch in the UAE is a testament to the excellence of the United Arab Emirates’ digital banking landscape. Zand is aiming to become the region’s first completely independent digital bank. 

According to Zand’s CEO, Olivier Crespin, the digital bank will offer competitive interest rates of around 2% for user’s deposits. In an already competitive digital banking market in the UAE, Zand plans on being one of the region’s strongest competitors. 

When the digital bank is officially launched for use, it will offer accounts, cards, loans, and financial management tools to its clients. Modeled after the most successful digital banks in the European market, Zand is sure to be a fantastic digital banking option for those in the UAE, especially in a society geared towards remoteness. 

To receive updates about Zand’s upcoming launch and become one of the first users to experience their world-class digital banking features, you can sign up to receive updates on their official website. 

For more information, you can visit Zand’s official website at the above link! 

Summary

In recent years, there has been a shift towards more remote and digital ways of doing things. From schooling to work, more and more focus is being placed on refining our digital experiences and how much we’re able to accomplish from our smart devices. The same goes for banking in the 21st century! 

Across the world, there are many digital banks that are revolutionizing the way we complete our banking, from personal accounts to business accounts. For those living in the United Arab Emirates, there are many fantastic and highly competitive digital banks to choose from.

Regardless of which digital bank you decide to join, there’s certainly a digital-only account suited to your banking needs. You’ll be reaping the benefits of digital banking in no time when you register with one of the digital banks discussed in this article. The future of banking is here!