Zand Bank Announces Strategic Partnership with Paymentology
12 November 2024, Dubai, United Arab Emirates – Paymentology, the leading global issuer processor, has signed a referral partnership with Zand Bank, the UAE’s first fully licensed, all-digital bank. This collaboration focuses on expanding financial services for fintechs and startups, aiming to accelerate innovation and growth in the UAE.
Since 2022, Zand Bank has empowered UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impacts in the digital economy.
Through this partnership, Paymentology and Zand will enable fintechs to thrive by offering a range of specialised services, including BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.
The timing aligns with the UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade. The partnership between Paymentology and Zand supports this vision, offering fintechs the necessary tools to innovate, while reinforcing the UAE’s position as a regional and global hub for the digital economy.
By lowering the barriers to entry for new fintech players and accelerating financial innovation, the partnership will create a more inclusive and efficient financial ecosystem. The robust infrastructure and compliance framework provided will enable fintechs to focus on innovation and customer acquisition, contributing to the growth of the UAE’s digital economy.
Michael Chan, CEO at Zand commented: “We are thrilled to partner with Paymentology to drive fintech acceleration in the region. This is an exciting opportunity for both sides and will foster more synergies in the future, starting with our BIN-sponsorship programme. Together, we will enable fintechs to bring innovative solutions to market quickly, helping to shape the future of financial services in the UAE.”
Nauman Hassan, Regional Director for MENA added: “Our partnership with Zand Bank reinforces our commitment to providing the next-generation infrastructure fintechs need to succeed. We’re excited to be part of this journey, empowering startups and innovators to create the next generation of financial services that will drive the UAE’s digital economy forward.”