Dubai Investments (DIC) has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK).
Monument Bank is focused on the 'mass affluent' segment in the UK and aims to provide core banking and other related services to help clients prosper and optimize their time by offering smart, efficient and flexible solutions.
Monument Bank's property investment lending and range of savings products use advanced in-app capabilities for client interactions, and the bank plans to continue to enhance the range of products and services to serve the evolving needs of its mass affluent clients.
It is currently working on a broader suite of products and services that can make mass affluent lives easier, both in the UK and globally. The bank's initiatives are fundamentally innovative technology-based, said DIC in a statement.
On the strategic move, Vice Chairman and CEO Khalid bin Kalban said: "The acquisition provides DIC a unique opportunity to foray into the digital banking space in one of the most advanced and regulated markets."
Monument Bank CEO Ian Rand pointed out that with this investment and partnership with Dubai Investments, they will accelerate the scale-up of their UK business, launch innovative solutions, and grow their market share while also leveraging their technology with partners and clients around the world.
Mintoo Bhandari, Head of Institutional Relationships and Founder of Monument Bank, said: "We believe that we are uniquely positioned to take advantage of the trends and opportunities that are continuing to emerge in our home market, and we believe that our partners at Dubai Investments can help us advance our strategic plans by leveraging our technological capabilities to extend our operations and spheres of influence in other markets around the world."