Digital bank Zand has secured a licence from the UAE central bank, allowing to operate as a fully independent commercial bank.
The move is seen as an “excellent example” in the country’s view towards financial technology and innovation, the bank’s chairman Mohamed Alabbar said in a statement.
“With a UAE banking licence, we look forward to commencing our innovative banking services and contributing to the UAE’s legacy of innovation as well as economic growth,” Alabbar, who is also the founder of Dubai real estate giant Emaar, added.
Pegged as the UAE’s first fully digital bank, Zand will offer both retail and commercial products and services.
“Zand’s corporate offerings will be made available to our customers incrementally. We look forward to revealing our full innovative banking services and expanding them to key sectors of the UAE economy,” its co-founder and chief executive officer, Olivier Crespin, said.
The announcement comes after the digital bank announced its board of directors, describing it “a panel of seasoned business leaders, each bringing a unique approach on building a banking experience for the digital age.”
“Building a new and unique digital banking experience is about more than just technology,” Zand’s Alabbar said.
The bank promises to make “banking quicker and simpler, and provide tools that put customers in control of their financial lives,” adding it aims to focus on “ecosystems and communities of businesses and individuals, enabling it to introduce products and services not traditionally available.”
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