UAE to get new digital-only bank with Zand, with Mohammed Alabbar as Chairman

SourceGulf News
SectorFinancial Services

It aims to be world’s first digital bank to offer retail and corporate services Dubai: A new full-scale digital bank – ‘Zand’ – is set to open in the UAE – and becoming the “first in the world” to offer both retail and corporate banking services. In a statement, Mohamed Alabbar, the Chairman, said: “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.” Zand will be “unique in focusing on ecosystems and communities of businesses and individuals, enabling it to introduce unique products and services not traditionally available,” the statement added. Zand is awaiting regulatory clearance to go live.

Its website is still static and asks visitors to register their interest for updates. Some of UAE’s mega-banks already have gone live with their digital banking spinoffs, while in Abu Dhabi, more...