Zand, the first digital bank to provide both retail and corporate banking, is set for imminent launch in the UAE, (subject to final regulatory approvals?from the Central Bank of UAE) following the acquisition of a majority stake in the Dubai Bank from Emirates NBD by its shareholders.
In addition to innovative banking services, Zand aims to set to be a digital economic accelerator, providing the foundations for a broader generation of digital services.
Through fully digital offerings, Zand will make banking quicker and simpler, and provide tools that put customers in control of their financial lives.
The shareholders of Zand have successfully completed the acquisition of the majority stake in Dubai Bank as per its establishment roadmap.
On the strategic move, Mohamed Alabbar, Chairman of Zand, said: "Today’s announcement marks another major milestone for us, and we are excited to be closing in on our goal of establishing the UAE’s first native digital bank."
"In line with the UAE's digital agenda and inspired by the nation’s spirit of innovation, we have been actively working with design, technology and financial partners to create a platform that will change the way people bank," he stated.
"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," he added.
Zand Co-founder and CEO Olivier Crespin said: "We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the centre 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," he added.
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