DK Bank receives ADGM approval to establish subsidiary

Planned Abu Dhabi presence will link Gelephu Mindfulness City to global markets and investors.

DK Bank (DK) announced that it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of Abu Dhabi, the capital of the United Arab Emirates, for a Financial Services Permission (FSP) to establish a subsidiary to carry on brokerage, custody, payments and advisory services in ADGM.

The approval marks a significant step in DK’s international expansion and makes DK the first Bhutanese bank to receive in-principle regulatory approval for a financial services presence outside Bhutan.

Subject to satisfying the conditions of the IPA and receiving its final FSP, DK intends to establish a regulated presence in Abu Dhabi, creating an international base from which it can connect Gelephu Mindfulness City (GMC) and Bhutan more broadly with global capital, investors and financial institutions.

Abu Dhabi is a key part of DK’s international strategy, providing a gateway between the Middle East, Asia and other global markets. The development also comes against the backdrop of growing regulatory cooperation between ADGM and GMC. In April 2025, the Gelephu Financial Services Office (GFSO) and the ADGM FSRA signed a Memorandum of Understanding establishing a framework for regulatory cooperation, information exchange and engagement between the two authorities.