BipTap and Al Fardan Ventures Partner to Launch Global Digital Bank from Abu Dhabi

BipTap (a UAE-based crypto-on-ramp solution) and Al Fardan Ventures (the investment division of the Al Fardan Group) signed an MoU (memorandum of understanding) to launch a global digital bank based in Abu Dhabi.

The main goal of this new digital bank is to deliver secure, compliant fiat and crypto services to international customers. This would include crypto-to-fiat on and off ramps, international payments, and DeFi and digital asset solutions.

No public details are available on the licensing, but since it’s in Abu Dhabi, it’s probably a part of the city’s and country’s push toward digital finance innovation and likely under ADGM (Abu Dhabi Global Market) or DFSA (Dubai Financial Services Authority) supervision.

Known for its crypto-on-ramp services, BipTap’s transition to a licensed digital bank would transform these offerings into a regulated, scalable model.

Jonathan Low, CEO of BipTap, shared his thoughts on the partnership saying: “This isn’t just a digital bank. It’s a financial revolution. By combining Abu Dhabi’s strategic location and Al Fardan Venture’s legacy in high-tech innovation and banking relationships all across the UAE and Middle East, with Biptap’s plug-and-play scalable infrastructure, we are democratizing banking access for the 21st century and beyond.”

Abu Dhabi’s digital rise

This isn’t the only recent development in Abu Dhabi’s digital finance ecosystem. For instance, ADGM signed a MoU with Libre Capital and First Abu Dhabi Bank to pilot on-chain RWA lending, which is a key building block of fully digital banking.

Then, there’s Abu Dhabi’s Meedaf (ADCB) and SC Ventures who are also boosting fintech capabilities, emphasizing AI, blockchain, and specialized financial infrastructure.

With all of these events combined, it looks like Abu Dhabi is aggressively positioning itself to compete with Dubai’s VARA and Singapore as a global fintech center.

By tapping into both fiat and crypto markets via a digital bank, the partnership between BipTap and Al Fardan Ventures could streamline capital inflows from investors and talent worldwide.

That said, the creation of the global digital bank, along with the blending of crypto and fiat services within a regulated framework, will probably further position Abu Dhabi (and UAE) as a big player in the global fintech arena.