The bank plans to offer custody, payments, brokerage and advisory services from Abu Dhabi as it looks to connect Bhutan and Gelephu Mindfulness City with international markets.
Bhutan’s DK Bank has received In-Principle Approval from ADGM’s Financial Services Regulatory Authority to establish a regulated subsidiary in Abu Dhabi, where it plans to offer custody, payments, brokerage and advisory services.
The move would mark DK’s first financial services presence outside Bhutan. According to the bank, it is also the first Bhutanese bank to receive in-principle regulatory approval for an overseas financial services presence.
The approval is not yet a final authorization. DK must satisfy the conditions set out in the IPA before receiving a Financial Services Permission and establishing its regulated operations in ADGM.
Once approved, the Abu Dhabi operation is intended to serve as an international base connecting Gelephu Mindfulness City, or GMC, and Bhutan more broadly with global capital, investors and financial institutions.
“We are building institutional-grade financial infrastructure that connects markets
across Asia and the Middle East, supported by strong regulation and robust
technology. ADGM will be an important part of that network and of DK’s next
phase of international growth,” said Zheng Yudong, Group Chief Executive Officer of DK.
The expansion comes as financial authorities in Abu Dhabi and GMC build closer regulatory ties.
In April 2025, the Gelephu Financial Services Office and ADGM FSRA signed a Memorandum of Understanding establishing a framework for regulatory cooperation, information exchange and engagement between the two authorities.
DK sees Abu Dhabi as a gateway connecting the Middle East, Asia and other international markets, while providing a regulated base for its broader international strategy.
“This is a milestone for DK and for Bhutan. Once final approval is received, Abu
Dhabi will give DK a regulated international base connecting Gelephu
Mindfulness City with global capital, investors and financial institutions,” said Gelay Jamtsho, Chairperson of DK.
GFSO Managing Director David Peters said DK’s progress also reflects GMC’s efforts to develop connections with international financial jurisdictions.
“Our cooperation with ADGM is about building strong relationships with leading
global jurisdictions. 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.”
