DK Bank Secures In-Principle Approval to Open ADGM Subsidiary

Bhutan-based DK Bank has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of ADGM, Abu Dhabi’s international financial centre Fintech News Middle East. The bank plans to establish a subsidiary in ADGM to provide brokerage, custody, payments and advisory services.

The subsidiary cannot commence activities until DK satisfies the approval conditions and secures a final Financial Services Permission (FSP), which is required for regulated operations in ADGM.

DK describes the approval as a first for a Bhutanese bank to obtain an in-principle licence for a financial-services presence outside Bhutan. The new entity is intended to serve as a bridge between Gelephu Mindfulness City (GMC), Bhutan at large, and global investors, with Abu Dhabi positioned as a gateway to the Middle East, Asia and beyond. Ties between ADGM regulators and GMC deepened after an April 2025 memorandum of understanding on regulatory cooperation.

“The In-Principle Approval gives us a clear path towards establishing DK’s presence in one of the world’s leading international financial centres,” said Zheng Yudong, Group Chief Executive Officer of DK. “DK’s progress in Abu Dhabi is a practical example of how institutions based in Bhutan and GMC can connect to international markets while operating to high regulatory standards,” added David Peters, Managing Director of the Gelephu Financial Services Office.