The UAE’s first digital bank will soon be launched, and the financial institution will be headed by Emaar Properties’ former chairman Mohamed Alabbar.
The bank, which will be called Zand, intends to provide both retail and corporate banking services. It will provide innovative solutions that meet the needs of both businesses and individuals.
“As the first fully independent digital bank in the country, with a full UAE banking licence, Zand will provide innovative, effective financial solutions that help simplify businesses and lives, addressing the needs of both retail and corporate customers,” said Alabbar.
He said the UAE combines progressive regulations with commercial, financial, and technology hubs, which provides the perfect environment for a world-leading digital bank that can be launched in the UAE and scale beyond.
“Backed by strong shareholders and working with the best bankers and technologists, we’ve built a bank that delivers on the promise of understanding and meeting customer needs. From our systems to our processes and our team, we're built and ready, and we're looking forward to welcoming the first customers soon,” said Olivier Crespin, chief executive officer (CEO) of Zand.
Crespin, a veteran banker, has been previously associated with Eradah Capital, CIMB, and DBS Bank.
The launch is subject to regulatory approval.
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