Zand Bank Partners with IDA to Faciliate Blockchain Cross-Border Payments
29 October 2024, Hong Kong - IDA, a leading Hong Kong-based stablecoin issuer, has announced a strategic partnership with Zand Bank, the UAE's first fully licensed all-digital bank. Zand Bank empowers UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impact in the digital economy.
Through this partnership, IDA and Zand Bank aim to achieve cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus, providing businesses with streamlined 24/7 digital payments.
Michael Chan, CEO at Zand Bank commented: “We are excited to partner with IDA. Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.”
Commenting on this partnership, Sean Lee, Co-founder and CSO at IDA said: “We are thrilled to partner with Zand Bank as this partnership aligns with the broader goals of financial innovation and digital transformation in the Middle East and Asia, positioning both companies at the forefront of the fintech revolution. The integration of stablecoins into cross-border payments promises to bring unprecedented transparency and stability, ensuring users can confidently transact with fiat-referenced digital currencies, and provides convenience for businesses which would like to access the Belt and Road countries.”
The UAE and Hong Kong are two major financial centres, with significant cooperation in areas such as banking, insurance, and capital markets. The growth rate of trade growth between the Emirates and Hong Kong was one of the fastest among the UAE’s major trading partners, as reported by The National in September 2024. Moreover, Hong Kong acts as a gateway for UAE companies to access the Chinese market and other parts of Asia. The UAE's active involvement in the Belt and Road Initiative, supported by its strategic ties with China and Hong Kong, reflects its firm commitment to sustainable economic growth and international cooperation.