The financial sector is undeniably one of the most crucial components of our daily lives. It not only facilitates transactions but also empowers individuals and businesses to achieve their goals. As a professional in this industry, Mohammed Wassim Khayata finds immense satisfaction in contributing to innovative products and services that enhance customer experiences.

Now, as the CEO of Al Maryah Community Bank, with over 3 decades of experience in the banking industry, Wassim’s has seen it all. From his early days at NBAD (now First Abu Dhabi Bank) to his role as a co-founder of Abu Dhabi Islamic Bank and Finance House Group, he has honed his skills and developed a deep understanding of the sector’s challenges. But it was his experience as co-founder of Al Maryah Community Bank that truly ignited his passion for innovation and customer-centric banking.

Wassim’s vision for Al Maryah Community Bank is simple yet powerful: to provide a seamless, secure, and personalized banking experience that puts the customer first. By leveraging progressive technology and a deep understanding of customer needs, he has created a digital platform that streamlines the account opening process, eliminates the need for documentation, and offers a range of features designed to give customers more control over their finances.

One of the key features of Al Maryah Community Bank is its commitment to security. With a focus on ensuring that every transaction is safe and secure, the bank has implemented robust measures to protect its customers’ data and assets. This dedication to security has earned the trust of the community and has positioned Al Maryah Community Bank as a leader in the field of digital banking.

But his vision extends beyond just providing a secure and convenient banking experience. He is also passionate about fostering a sense of community and supporting local businesses. By offering tailored products and services to meet the unique needs of the UAE market, Al Maryah Community Bank is helping to drive economic growth and create opportunities for entrepreneurs and small businesses.

With a focus on innovation, customer service, and community engagement, he is redefining the future of banking in the region and setting a new standard for what it means to be a truly customer-centric financial institution.

Let us learn more about his journey:

Al Maryah Community Bank

Al Maryah Community Bank was officially licensed in July 2021, marking the beginning of its mission to serve the community. Founded by a group of prominent businessmen, the bank was established with a clear vision: to enhance financial inclusion through accessible products and services.

To achieve this goal, Al Maryah Community Bank leverages technology, positioning itself as a digital bank. This innovative approach allows it to offer financial solutions with minimal annual charges and low minimum balance requirements, making banking more accessible to a wider audience.

Recently, the bank has embarked on an exciting project to issue the first regulated stablecoin on the blockchain, named ADC. In addition, it is collaborating with a well-known company, Changer, to develop initiatives aimed at creating a crypto-based banking environment. This partnership will provide a range of services, including crypto custody, conversion, and on-ramp/off-ramp solutions, further integrating cryptocurrency into the financial sector. Through these efforts, Al Maryah Community Bank is committed to shaping the future of banking and fostering financial inclusion for all.

A Journey Through Banking Innovation

Wassim started his career in 1994 at the Card Center, where he played a crucial part in a moment of change in the banking sector. This period saw a dramatic change in focus as the primary focus shifted from transferring consumers from antiquated payment options like traveler’s checks to more contemporary ones like credit and debit cards. This project was extremely difficult since it needed to change consumer behavior to accept a more practical payment method.

During this time, Wassim and his team were also engaged in the automation and decentralization of operations at the National Bank of Abu Dhabi (NBAD), now known as First Abu Dhabi Bank (FAB). Their efforts included the acquisition of the First Gulf Bank (FGB) and the subsequent restructuring of its operations. A key initiative was the installation and implementation of the Beam project, which served as a comprehensive branch automation management system.

His career further expanded as he co-founded the Abu Dhabi Islamic Bank, where he played a crucial role in its establishment. His background in economics, combined with his commitment to technology and customer experience, equipped him with the necessary skills to navigate the complexities of the banking sector.

Grateful for the opportunities provided by the United Arab Emirates, Wassim gained extensive experience in both banking and technology. His involvement in innovation ultimately contributed to the successful implementation and launch of the first digital bank in the country, aimed at serving the community effectively.

Empowering Financial Literacy and Well-Being

Al Maryah Bank, a leading financial institution in the UAE, is dedicated to providing innovative solutions that go beyond traditional banking. The bank’s mission is to empower its customers, both individuals and families, by fostering financial literacy, promoting healthy financial habits, and ensuring their overall well-being.

Miners’ Account:

One of Al Maryah Bank’s key initiatives is the Miners’ Account, designed to educate children about the importance of financial planning and responsible spending. By providing financial education and tools, the bank aims to instill valuable habits such as saving, budgeting, and managing financial commitments. The bank recognizes that financial literacy is crucial for the younger generation to understand the concept of wealth, its sustainability, and the meaning of financial stability.

Sadara Card:

Al Maryah Bank’s Sadara Card goes beyond traditional credit cards by offering exclusive benefits that cater to the overall well-being of cardholders and their families. The card provides access to premium health clubs and gyms, encouraging a healthy lifestyle and contributing to the well-being of the UAE’s population.

Crypto Education Program:

As the interest in crypto assets continues to grow, Al Maryah Bank is launching a comprehensive education program to guide investors through the complexities of this emerging market. The program aims to educate individuals about the risks associated with various investments, the importance of choosing regulated platforms, and the strategies to balance investment portfolios. By providing this knowledge, the bank aims to protect investors from potential fraudulent activities and unwise decision-making.

Commitment to Customer Experience

Al Maryah Bank is committed to providing an end-to-end customer experience that prioritizes ease, efficiency, security, and knowledge. The bank recognizes that financial services should not only be accessible but also empowering, enabling customers to make informed decisions and achieve their financial goals.

By focusing on financial literacy, holistic well-being, and customer-centric solutions, Al Maryah Bank is setting a new standard in the UAE’s banking sector. The bank’s innovative approach aims to create a financially empowered society, where individuals and families can thrive and contribute to the country’s continued prosperity.

Aligning Objectives at Al Maryah Bank

Wassim emphasized the significance of teamwork in ensuring that all members are aligned with their objectives. He outlined three levels of objectives that guide Al Maryah Bank’s operations.

Vision and Mission

At the foundational level, every institution possesses a vision and a mission. For Al Maryah Bank, the vision is to serve as a platform for educating individuals about financial behavior, promoting financial sustainability, and actively engaging with the community. It is essential for every team member to grasp the purpose behind Al Maryah Bank’s existence.

Customer-Centric Focus

The second level of objectives centers on customers, who are regarded as the bank’s top priority. Everything the bank undertakes is designed to benefit its clients. Al Maryah Bank adopts a customer-centric approach, ensuring that discussions, meetings, and objectives revolve around the needs of the customers. The bank is committed to identifying market gaps where certain customer segments may be underserved, striving to address these needs effectively.

Rather than competing directly with larger banks or other financial institutions, Al Maryah Bank seeks to go above and beyond by offering educational resources, such as informative videos and insights on financial behavior through platforms like LinkedIn. This commitment to customer education reflects their dedication to enhancing financial literacy and awareness.

Operational Efficiency

The third level focuses on operational efficiency. Al Maryah Bank prioritizes cost-effectiveness in its activities to ensure that financial services are delivered in the most efficient manner possible. This involves leveraging technology to enhance banking services, including wallets, payments, artificial intelligence, and data science. By integrating these technological advancements, the bank aims to automate processes and provide cost-efficient services to its customers.

Wassim also highlighted the importance of leading by example. Most initiatives at Al Maryah Bank are developed internally, without reliance on external consultants. The bank prides itself on customizing its services based on local insights. The team consists of innovative and dedicated individuals, many of whom come from diverse backgrounds rather than traditional banking. This unique approach allows Al Maryah Bank to bring a fresh perspective to the financial sector in the UAE, ultimately enhancing customer service and satisfaction.

A Vision for Investment Growth

In his career, Wassim made significant strides while working at First Abu Dhabi Bank as the Assistant Manager of Capital Domestic Market. During this time, he played a crucial role in launching some of the largest Initial Public Offerings (IPOs) in the country, including prominent names such as EMR and Abu Dhabi Islamic Bank. Over the course of his tenure, he contributed to the successful introduction of approximately 21 IPOs in the market and was instrumental in establishing the Abu Dhabi Stock Exchange. This involved collaborating across three key divisions: depository, settlement and clearing, and the trading floor, all while automating processes to enhance efficiency.

Wassim and his team were dedicated to fostering investment growth for their clients. They achieved this by streamlining the IPO process and ensuring compliance with central bank regulations that aimed to curb excessive speculation. Looking ahead, Wassim envisioned a sophisticated and user-friendly investment platform that would be launched by the bank. The team was actively working on obtaining a license from the Securities and Commodities Authority (SCA), with expectations to secure it by October and to unveil the platform by the end of the year.

Understanding the capital equity markets is essential for investors, and Wassim emphasized the importance of knowing how to select the right stocks. He highlighted the distinctions between IPOs in various sectors, such as healthcare, logistics, and technology, and explained key concepts like price-to-earnings ratios, valuations, and dividends. His vision included guiding clients on which dividend-yielding stocks to hold and which ones might offer capital gains, as well as how to effectively diversify their portfolios.

Moreover, the planned investment platform would not be limited to domestic markets; it would also encompass various international equity markets and virtual assets. This comprehensive approach would allow clients to embark on a journey of understanding investment opportunities, particularly in virtual assets, while minimizing exposure to high risks often associated with many existing trading platforms.

Pioneering Digital Banking in the UAE

Al Maryah Community Bank, a rising star in the UAE’s financial landscape, is dedicated to striking a balance between customer needs and futuristic technology. By leveraging innovative solutions and a forward-thinking approach, the bank aims to establish itself as a prestigious and cutting-edge digital institution in the region.

Tailored Applications for Diverse Needs

Al Maryah Community Bank has developed two distinct applications to cater to the specific requirements of its customers:

• The retail application offers a range of features, including financial planning tools, personal loans, utility payment management, and standing order instructions. Additionally, customers can deposit checks digitally using their smartphones.
• The business application, designed for SMEs, a sector that the bank believes deserves significant attention, comprises both an application and a portal. Ensuring the highest levels of security and cybersecurity is a top priority, as the bank recognizes the importance of protecting its customers’ sensitive information.

Blockchain-Based Wallet

Al Maryah Community Bank has recently launched a pioneering wallet solution based on the I-band technology. This innovative wallet, the first of its kind in the region, is built on blockchain infrastructure.

By embracing this intensifying technology, the bank demonstrates its passion to stay at the forefront of financial trends and ensure the financial stability and performance of its customers’ transactions.

Acknowledging Stablecoin Regulation

In a significant move, the UAE Central Bank has recently issued regulations governing stablecoins. Al Maryah Community Bank has proudly announced that it is among the first banks in the country to apply for the issuance of stablecoins, in line with the Central Bank’s developing spirit and vision to become one of the world’s top financial regulators.

By combining customer-centric solutions with the latest technological advancements, Al Maryah Community Bank is poised to revolutionize the banking domain in the UAE. The bank’s vow to capture both current and future customer needs, while aligning with global financial trends, positions it as a trailblazer in the digital banking revolution.

Empowering Customers with Digital Services

Al Maryah Community Bank plays a pivotal role in assisting customers across the UAE in harnessing the power of digital services, particularly in areas such as investing in Initial Public Offerings (IPOs), managing cryptocurrency, and facilitating payments.

Revolutionizing IPO Access

Wassim highlights that Al Maryah Community Bank was the first financial institution to introduce fully automated IPO leverage services and subscription options. This groundbreaking initiative has set a benchmark in the banking sector, prompting numerous other banks to follow suit. The bank’s services allow customers to easily access the IPO markets, particularly within the robust domestic market, which is among the strongest in the region.

Navigating the Cryptocurrency Domain

When it comes to cryptocurrency, Al Maryah Community Bank maintains a cautious stance. While the bank does not directly engage in cryptocurrencies or digital assets, it recognizes the growing demand from customers for such services. Over the past three years, many clients have expressed the expectation that a digital bank should also provide access to digital currencies.

Wassim clarifies the distinction between digital banking and cryptocurrency investments. Digital banking refers to the automation of banking services via mobile platforms, while cryptocurrency represents a separate investment class.

Acknowledging that approximately 30% of UAE residents, including nationals, invest in crypto assets, often through unregulated platforms, Al Maryah Community Bank has taken proactive steps. The bank is in the process of establishing Emirates Coin Investment, which is currently obtaining a license for virtual assets. This initiative aims to create a secure and responsible platform for investing in digital assets.

Furthermore, the bank plans to launch an educational program through its application and social media channels to guide customers on how to navigate the complexities of investing in these high-risk assets, emphasizing essential dos and don’ts.

Transforming Payment Solutions

In the realm of payment solutions, Al Maryah Community Bank recognizes the rapidly evolving landscape in the UAE. The introduction of NE, an instant payment application by the UAE Central Bank, has transformed the way transfers and payments are conducted, utilizing QR codes and the J1 Card. Al Maryah Community Bank proudly asserts its position as the first bank ready to issue J1 cards, further enhancing its payment capabilities.

The bank has also launched the M-Wallet application, which is integrated with NE, facilitating seamless domestic payments. Additionally, Al Maryah Community Bank has made its banking-as-a-service platform available to other financial institutions, offering card management and issuance services connected to a blockchain-based wallet. Through these initiatives, Al Maryah Community Bank is not only meeting the current demands of its customers but also paving the way for a more secure and innovative digital banking future in the UAE.

Insights from Wassim

After more than 25 years in the equity and IPO markets, Wassim has cultivated a wealth of knowledge that informs his approach to IPO advice. His insights reveal several key principles that have contributed to his success in the industry.

Wassim emphasizes the importance of understanding the UAE market when introducing any product. He believes that fairness in valuation, future growth potential, the integrity of the founders, and the overall company strategy are critical factors when offering IPOs to clients. Over the past three years, during his tenure at Al Maryah Bank, Wassim and his team have rigorously evaluated various companies seeking IPO opportunities. In instances where they found companies lacking in efficiency or growth potential, they made the prudent decision not to present those IPOs on their platform.

This careful selection process has yielded impressive results; approximately 90% of the IPOs offered by Al Maryah Bank have experienced growth of at least 10 to 15 percent shortly after listing, typically within two weeks following the subscription period’s closure. Wassim attributes this success to his extensive experience in the equity market and the expertise of his team.

Foreseeing, Wassim is excited about the upcoming launch of their investment platform, which aims to elevate the IPO investment experience. This new platform will not only focus on IPOs but will also incorporate investments in diverse asset classes, aligning with two primary objectives for their customers: sustainability and growth, as well as risk diversification. By considering the various economic changes globally, he and his team are committed to providing clients with robust investment opportunities that meet their growing needs.

Valuable Lessons

Wassim imparts significant insights drawn from his extensive experience in the banking sector. He emphasizes two critical lessons that have shaped his approach to automation and project management.

The Importance of Human Involvement in Automation

During his tenure at FGB, Wassim learned that the human element is paramount when automating operational processes in banking. He stresses that successful digital projects do not solely rely on technology; rather, they depend heavily on the engagement of all stakeholders involved.

Wassim advocates for the inclusion of employees and customers in the change management process. He believes that their involvement serves two essential purposes: it provides valuable insights into the project and fosters a sense of ownership among participants. When individuals feel included, they are more likely to embrace the changes, making implementation smoother and more effective.

His experience with the Branch Environment Automation Manager (BEAM) illustrates this point. The implementation process was lengthy, as it required thorough understanding and adaptation from the staff. By mapping operational processes and training employees in accordance with updated job descriptions and customer interactions, Wassim recognized the necessity of involving team members from the outset. This approach proved successful at Al Maryah Bank, where customer service, operations, and sales personnel contributed to the design and implementation of banking services. As a result, every employee understood the purpose behind their roles, leading to a cohesive and informed workforce.

Considering an Agile Approach

The second lesson Wassim highlights is the importance of adopting an agile approach to project management, as opposed to a traditional waterfall model. He acknowledges that mistakes are part of the human experience, and flexibility is crucial in managing the complexities of project development.

Wassim emphasizes the value of co-creating products and services with customers in an agile manner. This approach allows for adaptability, enabling the bank to respond to changing market demands and customer needs. Over the course of two years, this flexible mindset facilitated the successful launch of various banking products and services, with ongoing adjustments based on real-time feedback and evolving trends.

Wassim’s commitment to continuous learning is evident in his belief that insights can come from all levels of the organization, including customers and even staff members in non-traditional roles. By fostering an environment where every voice is heard, Wassim and his team have differentiated themselves in a competitive industry.

Wisdom from Wassim

Wassim offers valuable guidance for those aspiring to enter the banking sector. He emphasizes that the recent launch of their program, developed by the experienced team at Al Maryah Bank, is a testament to the collective expertise of over 350 staff members, including 40 senior managers who have engaged in practical training.

Key Elements of Success

Wassim identifies three crucial components that contribute to success in banking:

• Comprehensive Knowledge of Products and Services: The program, referred to as the “Digital Universal Banker,” aims to equip the next generation of bankers with a thorough understanding of various banking sectors, including retail, corporate, treasury, accounting, and IT. He notes that many banks tend to be fragmented, leading individuals to specialize in one area, such as cards or trade finance. This specialization can hinder a holistic understanding of banking.

Therefore, he advises newcomers to strive for a well-rounded knowledge base, encouraging them to grasp essential concepts such as trade finance, letters of credit, and emerging technologies like Central Bank Digital Currencies (CBDCs). He recommends utilizing resources like ChatGPT to enhance their understanding of these terms.

• Commitment to Lifelong Learning: Wassim stresses the importance of continuous education. While obtaining a bachelor’s degree is a significant milestone, he believes that aspiring bankers should pursue further education and qualifications for at least 10 to 15 years. This ongoing commitment to learning is vital for personal and professional growth in the banking industry.
• Open-Mindedness and Flexibility: He highlights that an open mind and adaptability are essential traits for success. Embracing new ideas and being willing to learn from various aspects of banking will empower individuals to thrive in their careers.

Wassim’s advice serves as a roadmap for those eager to embark on a career in banking. By prioritizing comprehensive knowledge, committing to lifelong learning, and maintaining an open and flexible mindset, aspiring bankers can position themselves for a prosperous future in this versatile field.

Recognition of Supremacy in Customer Experience

Wassim expressed a willingness to share insights into the accolades and testimonials that underscore their achievements. One notable recognition is the award received from MasterCard for excellence in customer experience and journey disruption. This accolade serves as an example of the innovative launch of their services and the effective utilization of their app. Furthermore, the organization has played a pivotal role in enhancing its partners’ capabilities to deliver a digital-based customer experience.

In addition to this recognition, Wassim highlighted the prestigious certification, which marks them as the first financial institution globally to earn the Digital Customer Experience Certificate from a renowned UK-based organization. This international certification process spanned a year and involved a thorough evaluation of every facet of their digital customer experience. The assessment ensured that their services are not only seamless and user-friendly but also secure, addressing the essential elements that customers seek.

Wassim noted that while these two awards stand out, there are numerous other accolades that the Al Maryah Community Bank has received. He expressed gratitude to all those who have recognized their efforts, acknowledging that the feedback received has not only provided motivation to continue their work but also valuable insights into areas of superiority.

The UAE: A Land of Opportunity and Progress

Wassim, a resident of the United Arab Emirates, expresses gratitude for the country’s remarkable progress and the supportive environment it provides for financial institutions and individuals alike. He highlights the UAE’s central bank as a driving force behind the nation’s robust and dynamic financial sector.

A Proactive Central Bank

Wassim emphasizes the central bank’s active role in ensuring the continuous development and strengthening of the country’s financial institutions, banks, and insurance companies. He notes that the central bank regularly issues guidelines, policies, and procedures to maintain a solid and reliable regulatory environment. This proactive approach has been instrumental in guiding and supporting financial entities in the UAE.

A Conducive Environment for Growth

Wassim attributes the UAE’s success to its enterprising leadership and the central bank’s efforts in positioning the country as a top destination for financial institutions and banking services. This has attracted a significant influx of investors and heavy liquidity, creating an environment that is conducive to growth and prosperity.

A Platform for Success

He considers himself fortunate to be part of this reforming regulatory framework and to have the opportunity to learn from the UAE’s achievements. He believes that the UAE’s position as a platform for financial success would not have been possible without the combined efforts of the leadership and the central bank.

Wassim’s perspective highlights the UAE’s pledge to nurture a flourishing financial ecosystem, supported by a proactive central bank and visionary leadership. This accelerating environment has positioned the UAE as a prime destination for investors and financial institutions, offering a pathway to success for those who choose to be part of its journey.