Emirates NBD, Dubai's biggest bank by assets, has entered the digital asset space with the launch of cryptocurrency trading services on its Liv lifestyle banking unit, tapping into the growing adoption of virtual assets in the UAE.
The platform on the Liv X mobile app is being implemented through a partnership with Aquanow, a Canada-based digital assets company that is licensed by Dubai's Virtual Assets Regulatory Authority, Emirates NBD said in a statement on Thursday.
Aquanow received its licence in July 2024 and is permitted to conduct broker-dealer, management and investment, and lending and borrowing services to institutional, qualified and retail investors, according to the Vara website.
The new service "will give users an intuitive experience that is straightforward and efficient to use ... [with] robust security protocols to enable secure transactions, providing further assurance to customers", Emirates NBD said.
Cryptocurrencies have long been promoted as an alternative to traditional money.
The UAE has made several moves to encourage the adoption of cryptos built around robust frameworks and legislations, spearheaded by Vara and Abu Dhabi's ADGM.
The Emirates has emerged as the Middle East and North Africa region's third-largest crypto economy after Saudi Arabia and Turkey. The country received around $34 billion worth of cryptos between July 2023 and June 2024, a 42 per cent annual jump that is significantly higher than the Mena average of almost 12 per cent, latest data from Chainalysis shows.
The retail segment presents a particularly strong opportunity, as it is the fastest-growing in the UAE’s crypto ecosystem: small retail and large retail crypto transactions in the country surged by more than 80 per cent annually, the New York-based blockchain company said.
“Unlike most markets globally, the UAE is witnessing crypto adoption across all transaction size brackets. This presents a substantial opportunity for banks to capitalise on and shape the future of finance in the region,” Arushi Goel, head of policy for the Middle East and Africa at Chainalysis, told The National.
The Mena region, meanwhile, ranked the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion received in the same timeframe, accounting for 7.5 per cent of the world’s total transaction volume, Chainalysis said.
“Emirates NBD’s move marks a significant milestone for crypto adoption in the Middle East and will undoubtedly serve as a catalyst for other banks to follow suit,” Ms Goel said.
“Banks have long been the primary facilitators of financial services in the region, and by integrating crypto services into their platforms, they are lowering barriers to entry for consumers.”
By integrating crypto services into their platforms, banks are lowering barriers to entry for consumers
Arushi Goel,
head of policy for the Middle East and Africa, Chainalysis
The UAE's initiatives have attracted a number of major players in the global digital asset landscape. In October, OKX – one of the largest crypto exchanges in the world – launched a platform for retail investors in the UAE, while cryptocurrency and blockchain solutions company Ripple received an in-principle licence to operate as a payment services provider in Dubai.
In August, Tether, the world's largest stablecoin, announced plans to launch a dirham-pegged stablecoin in the UAE. In April, the Dubai-based subsidiary of cryptocurrency exchange Crypto.com, Cro Dax Middle East, secured a full operational licence from Dubai. Ledger, the French crypto and cyber security firm, recently told The National that it was planning to expand in the Middle East in 2025.
Phil Sham, chief executive of Aquanow, said the partnership is a “testament to the UAE’s emergence as a global crypto hub” and a good example of how banks and FinTechs can collaborate to develop products that benefit the retail customer.
“Incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption,” he added.
In 2023, Wio Bank, an Abu Dhabi-based digital bank that was formed in 2022, offered UAE residents access to trade virtual assets in partnership with digital assets infrastructure provider Fuze. This partnership enabled Wio Invest customers to diversify their portfolios with cryptocurrencies like Bitcoin, Ethereum and Ripple.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
