DIRECT TT GRANTED SCA LICENSE FOR FINANCIAL CONSULTING ANALYSIS IN THE UAE NAQD COMMUNITY BANK’ RECEIVES PRELIMINARY APPROVAL FOR LAUNCH

Royal Strategic Partners (RSP), an establishment attracting organizations from across the world to invest in the UAE, received the preliminary approval for a ‘Specialised Banking License’ from the Central Bank of the UAE to launch its NAQD Community Bank (Naqd).

Direct TT, one of the world’s leading financial consultancy firms and part of the DTT Group, a globally recognized and regulated financial services provider, acquired the UAE Securities and Commodities Authority (SCA) license for Financial Consultancy and Financial Analysis. The DTT Group further announced its plans to invest USD 10 million over the next two years in its regional operations and fintech research and development.

As part of the acquisition, Direct TT will offer its clients regulated, reliable financial research and analysis, along with scientific data based on more than 25 years of experience, to forecast price trajectory and future trends for the forex, stocks, CFDs, precious metals, and energy markets. In addition, the license permits Direct TT to introduce customers to financial services from SCA-licensed entities and promote financial products through marketing and advertising. The move represents a significant step towards becoming a regional and global leader in the financial markets sector.

H.R.H Dr. Saif Al-Islam Bin Saud Bin Abdul-Aziz Al-Saud, Chairman of the Board, DTT Group commented: "The region has firmly established itself as a global financial hub, with its strong and diverse economy, advanced financial markets, and probusiness policies, thereby attracting investments from around the world. In addition, the fintech and innovation sectors are experiencing a rapid boom as a result of the high demand from businesses upgrading their technology infrastructure to meet global standards.”

Walid Ead, CEO & Managing Partner, DTT Group, said: “Acquiring the SCA license is a major milestone for Direct TT, as it reaffirms our commitment to our clients in the UAE. Our mission has been to consistently deliver regulated, accurate, and reliable financial data to ensure that traders have access to the best financial products and information, as well as the security to invest with confidence.”

“We consider the GCC to be a key region for us, due to its position as a global financial hub.” he added.

The Naqd, founded by RSP, is poised to offer ground-breaking digital banking solutions that support the long-term growth of companies involved in numerous industries, particularly for businesses utilising the eCommerce and omnichannel spaces. This aligns with its commitment to achieving the UAE's vision for digital transformation. It will cater to the financial needs and requirements of the banked and unbanked population, as well as micro-small and mediumsized enterprises (micro-SMEs) and start-ups in the UAE.

Likewise, Naqd will also serve the UAE's entertainment, transportation and logistics, and retail sector, in addition to the healthcare ecosystem, by providing innovative services that include - equipment financing, project financing, treasury management, and retail solutions. The advanced digital solutions will be effectively utilised to create a sports digital community where Naqd will collaborate with various.

Dr Hamad Al Ali, CEO of Royal Strategic Partners stated: “We are pleased to have received the approval to launch our new NAQD Community Bank. The bank employs cutting-edge digital banking technologies and innovations to provide services to various significant economy sectors in the UAE.