Bhutan’s DK Bank gets ADGM in-principle approval for Abu Dhabi expansion

Bhutan’s DK Bank has received In-Principle Approval from ADGM’s Financial Services Regulatory Authority to establish a regulated subsidiary in Abu Dhabi. The approval gives the bank a pathway toward its first financial services presence outside Bhutan.

DK plans to offer brokerage, custody, payments and advisory services through the Abu Dhabi entity. That is subject to meeting the conditions of the approval and securing a final Financial Services Permission.

The bank said it is the first Bhutanese lender to receive in-principle regulatory approval for a financial services presence outside the country.

The planned expansion is part of DK’s broader effort to connect Bhutan and Gelephu Mindfulness City, or GMC, with international capital. That includes investors and financial institutions. Abu Dhabi would serve as an overseas base for those activities. It would also be a link between markets in Asia and the Middle East.

“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.”

“Our goal is simple: make GMC easier to invest in, trade with and bank from – and demonstrate that a Bhutanese financial institution can operate to the standards of a leading global financial centre,” said Gelay Jamtsho, Chairperson of DK.

Regulators in Abu Dhabi and GMC

The move comes as financial regulators in Abu Dhabi and GMC deepen their ties. In April 2025, the Gelephu Financial Services Office and ADGM FSRA signed a Memorandum of Understanding. It established a framework for regulatory cooperation, information sharing and engagement.

DK Group CEO Zheng Yudong said the approval provides the bank with a route toward establishing its presence in Abu Dhabi.

“The In-Principle Approval gives us a clear path towards establishing DK’s presence in one of the world’s leading international financial centres.”

“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.”

For GMC, the planned presence would also provide another connection between institutions based in Bhutan and international financial markets.

“This is significant not only for DK, but for the development of GMC as an internationally connected financial centre.”

“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,” said David Peters, Managing Director of GFSO.