UAE-based digital bank Zand has won the backing of investors such as Franklin Templeton and Aditya Birla Group, it announced in a statement on Tuesday, as it seeks to seize opportunities thrown up by fintech.
Among the investors are Abu Dhabi’s Al Hail Holding, Al Sayyah & Sons Investments, Global Development Group, M.A. Yusuff Ali of mega retailer Lulu Group, and Zand co-founder Olivier Crespin, according to a statement.
The Dubai-based digital bank is expected to offer offer both retail and corporate banking in the UAE once launched, the statement said.
“We have a strong group of shareholders who believe in creating long-term value for our customers. With their support, Zand is set to reshape the future of banking,” said Zand chairman Mohamed Alabbar.
“In addition to their impressive track records, prominent reputation and extensive experience, each shareholder brings a new perspective to our industry which will be the backbone of Zand’s market proposition.” Alabbar added.
Although the digital-only bank didn't go live yet, customers can visit its website and register their interest.
It's worth noting that some conventional financial institutions have already launched neobanks in UAE. For example, Abu Dhabi Commercial Bank launched Hayyak, and Emirates NBD launched Liv, while Mashreq launched its Mashreq Neo and Abu Dhabi Islamic Bank launched Amwali in 2021.
Zand's Key investors
The Aditya Birla Group, that has market cap of about $75 billion, brings a global operating experience across diverse sectors and markets spanning 36 countries, and a financial services experience with funds under management of $57 billion.
Franklin Templeton, one of the world’s largest global asset managers with over $1.5 trillion in assets under management, has 75 years of investment experience.
