Abu Dhabi: Mohammed Wassim Khayata, Chief Executive Officer at Mbank, the leading digital bank in the UAE, was awarded the prestigious "Digital Innovator of the Year" MENA Banking Excellence Award 2023 by Middle East Economic Digest (MEED) that celebrates outstanding achievements and innovations within the banking and finance industry in the Middle East and North Africa region. Khayata was applauded for his insightful strategies leading the next-generation digital bank in the Emirates that have revolutionized the entire banking industry in the digital business landscape; all while driving a culture that values agility, innovation, and a lean AI-powered digital approach.

The MENA Banking Awards recognize and celebrate the high-performing banks and most innovative financial figures in the region, showcasing their achievements and promoting best practices. Winning this award further cements Khayata's position as a trailblazer and a leading player in the banking and finance industry.

Digital innovation is everchanging the financial services industry and how it positively impacts end customers. The number one solution to the world’s major challenges is digital, and its convergence into business models is crucial. Future technologies, the evolution of robotics and automation, artificial intelligence (AI), and digital innovations are here to stay, and they’re going to make an extraordinary set of transformations to the betterment of the world. The future has proven that ‘cash is no longer king’ and that payment transactions will instead be made through smartphones or wearables, rendering physical cards unnecessary.

Al Maryah Community Bank stands out from the competition through its digitization of the entire banking experience by developing the Mbank UAE mobile application that has exceled in serving customers across the Emirates by providing them with a range of fully digital banking services tailored to the highest levels of quality, efficiency, security and comfort – without the need to visit any branch or submit any documents physically. With its integrated set of safe digital banking products and services, Mbank offers through its mobile application virtual cards, payments, and digital saving deposit accounts for the Nation’s youth – Generation Alpha – to encourage savings and financial planning skills for their future. Moreover, Mbank offers its corporate customers a Corporate Banking Suite with many tailored financial solutions that facilitate the opening of business accounts for all types of companies. In addition, customers interested in investment opportunities can enjoy an unparalleled experience by creating their National Investment Numbers and subscribing to IPOs on both ADX & DFM – via an entirely digital experience.

Khayata recently announced the release of the newest product: Mbank Wallet, the UAE’s first national digital wallet that has been approved and licensed by the Central Bank of the United Arab Emirates. This addition to Al Maryah Community Bank’s financial technology suite illustrates the bank’s continued promise in building the most advanced mobile payment experience for its customers. Through Mbank Wallet, end-users will be able to perform all daily financial transactions including but not limited to sending, receiving, requesting, and paying money.

On this occasion, Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: “I am honored to have been awarded the title of ‘Digital Innovator of the Year’. This recognition is a testament to my dedication, commitment, and passion in leading a team of highly skilled and devoted employees who strive tirelessly to deliver exceptional products and add value to our services in order to continue leading the way, driving positive change, and serving the overall community through digital innovation. I am happy to announce that we will be soon introducing our Corporate Banking Platform that will offer all business types the ability to open a fully digital account using the Mbank UAE mobile app in 6 simple steps, in less than 10 minutes, with zero minimum balance, and zero monthly fees”.

He added: “I thank the MEED team for nominating me and congratulate all businesses and prominent figures in the FinTech industry who have won in other categories”.

About Al Maryah Community Bank

Al Maryah Community Bank, UAE’s first fully integrated Digital Bank offers an omnichannel experience to individual consumers and small businesses.

Al Maryah Community Bank is a specialized bank, focusing on growth and serving the UAE community; UAE Nationals, Residents, and Businesses (SMEs and Corporates), in line with the vision of the UAE leaders in supporting individuals and small businesses within the UAE economy and fostering a futuristic culture by employing forward-thinking concepts driven by innovation and technology.