Mint Gateway and Alternative Venture Capital, an affiliated company of Abu Dhabi Capital Group, have received In-Principle Approval from the Central Bank of the UAE to establish OMLA Community Bank, which will be headquartered in Umm Al Quwain with planned operations across the UAE.
On behalf of the founding shareholders of OMLA Community Bank, Abdulrazzaq Al Abdullah, Founder of OMLA and Chairman of GBS Holding and Mint Gateway, expressed his appreciation to Umm Al Quwain Government and the Central Bank of the UAE for their trust, guidance, and support in reaching this important milestone.
Al Abdullah said: “The In-Principle Approval for OMLA Community Bank represents a defining milestone in our vision to help shape the future of banking in the UAE and beyond. It marks a significant step toward establishing a next-generation specialized bank designed to combine artificial intelligence, intelligent automation, and modern digital infrastructure to deliver accessible, affordable, and inclusive financial services for individuals, families, entrepreneurs, workers, and MSMEs”.
Al Abdallah added: “We are committed to integrity, transparency, fairness, responsible AI adoption, and long-term sustainable growth. Our goal is not only to build a bank, but to contribute to the UAE’s innovation economy while supporting stronger, smarter, and more financially inclusive communities. Also, we have also introduced a ‘no-tie’ policy for employees as part of creating a more approachable and customer-friendly banking environment”.
Beyond traditional banking, OMLA is the everyday go-to bank for businesses and individuals, meeting essential needs including housing, education, healthcare, transportation, utilities, food, and commerce through instant and near-instant financial services powered by an AI-native banking platform.
The bank is being designed from inception as AI-native, with artificial intelligence embedded into its foundational operating architecture, governance framework, customer experience, risk management, compliance systems, and cybersecurity infrastructure, said a statement.
As founding shareholders, Mint Gateway and Alternative Venture Capital combine strategic capital, sector expertise, national alignment, and long-term commitment to establish a future-ready community banking platform for the UAE while advancing financial innovation and the future of AI-enabled banking globally, it said.
OMLA is expected to provide instant and near real-time financial services spanning digital accounts, payments, transfers, remittances, savings, responsible lending, car financing, rental and lifestyle financial services, merchant acceptance solutions, SME services, and AI-powered financial insights.
All products, services, features, and technologies referenced remain subject to final regulatory satisfaction and formal approval by the Central Bank of the UAE prior to launch and operational deployment, the statement added. – TradeArabia News Service
