UAE’s 1st digital-only bank Zand all set to go live after major acquisition

By Arya M Nair, Intern Reporter
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Digital Banking
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Zand, the world’s first combined digital corporate and retail bank which is about to launch from UAE, successfully completed the acquisition of the majority of shares in Dubai Bank according to its establishment roadmap.

In line with the UAE’s digital agenda and inspired by the nation’s spirit of innovation, Zand has been actively working with design, technology and financial partners to create a platform that will change the way people do transactions.

Mohamed Alabbar
Mohamed Alabbar
Chairman – Zand

“Today’s announcement marks another major milestone for Zand, and we are excited to be closing in on our goal of establishing the UAE’s first native digital bank. As a commercial, financial, and technology hub, coupled with a progressive approach to regulation, the UAE provides the ideal environment into which to launch, and we cannot wait to welcome our first customers.”

Zand is waiting for its final regulatory approvals from the Central Bank of UAE (CBUAE). In addition to innovative banking services, Zand is positioned to be a digital economic accelerator, providing the foundations for a broader generation of digital services.

Mr. Olivier Crespin, Co-founder and CEO of Zand said that “We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the center of everything we do. We are now in the final stage of going live and all remaining steps including regulatory approval are well on track for an imminent launch.”

Zand  will also be unique in its focus on ecosystems and communities of businesses and individuals, enabling it to introduce products and services not traditionally available.

Related: Emirates NBD starts voice banking services on Amazon Alexa in UAE