Dubai-based MySafe is aiming to cash in on the growing demand for safe deposit lockers in the UAE as many well-known banks across the world and in the country have exited the business.
“Banks across the world have different views on the concept of safe deposit boxes. Most view the service as a loss leader and frankly a service they might feel obliged to provide but strategically, perhaps they would rather not,” Terry Downes, CEO and co-founder of MySafe, told Gulf News.
In some markets, he said the banks have withdrawn from the service completely, in other markets, those who provide the service do so reluctantly and there are long waiting lists for clients to secure a safe deposit locker service.
In the UAE, he estimates that 8,000 eligible banking customers need to wait for many years to secure rental of a safe-deposit box.