Abu Dhabi Securities Exchange has signed an agreement with Al Maryah Community Bank (MBank), the first digital bank in UAE, to facilitate initial public offering (IPO) subscriptions and streamline the process for obtaining a National Investor Number (NIN).
As part of the agreement, MBank customers will be able to digitally create a NIN and self-subscribe to IPOs on the Abu Dhabi Securities Exchange (ADX) through the mobile app and online channels of MBank.
The partnership follows recent ADX initiatives to encourage market participation, including an initiative to provide the exchange access to investors registered on other UAE financial markets and updates to the exchange’s SAHMI application.
Saeed Hamad Al Dhaheri, the Managing Director and CEO of ADX, said: "Our strategic partnership with MBank will support our efforts to enhance our focus on customer centricity and bolster market liquidity."
"The exchange has a strong pipeline of IPOs and the new service that ADX is providing to MBank will facilitate the creation of an investor number and subscription to listings. We look forward to exploring more opportunities with entities in the UAE that will help offer easier access to investors looking to participate in offerings on the ADX," stated Al Dhaheri.
Al Maryah Community Bank CEO Mohammed Wassim Khayata, commending the efforts of ADX, said: "We are honoured that together with the exchange, we have enabled customers to obtain investor numbers for adult investors and their minor children, which in turn facilitated their participation in distinguished investment opportunities through the bank's mobile application (Mbank UAE) directly without the hassle of submitting any paperwork or physically visiting the branch or ADX."
"We are eager to strengthen this cooperation and provide more innovative, pioneering services through digital banking transformation to provide seamless services and boost economic growth," noted Khayata.
ADX has expanded its product offerings over the past year to include exchange-traded funds (ETFs), derivatives and the approved framework for special purpose acquisition companies (SPACs). Driven by a series of IPOs and listings and increased demand from international investors, the exchange achieved a milestone with total market capitalization exceeding AED2 trillion ($544.2 million).-TradeArabia News Service