Zand gets CBUAE licence

Dubai, 5 July 2022

Zand, the first digital bank to provide both retail and corporate services, announced that it had been granted a banking licence from the Central Bank of the UAE to become Zand Bank PJSC, a fully licenced bank.

By successfully securing a UAE banking licence, Zand is now authorised and regulated to operate as a fully independent commercial bank.

Zand’s Chairman, HE Mohamed Alabbar, said, “We’re thrilled that Zand has reached another milestone and is now a fully licenced bank. Today’s announcement represents yet another excellent example of the UAE’s pioneering vision of having progressive regulations that drive FinTech innovation.”

“With a UAE banking licence, we look forward to commencing our innovative banking services and contributing to the UAE’s legacy of innovation as well as economic growth.”

Led by a team of expert bankers and technologists and backed by a strong group of shareholders, Zand is activating its strategic partnerships with regional and international companies to provide its corporate customers with a banking experience underpinned by security, transparency, and convenience, while powering up all systems and connections for its personal banking launch phase.

Zand’s Co-founder and CEO, Olivier Crespin, added, “We got our banking licence on June 30, and we celebrated by welcoming our first corporate customers.”
“Zand’s corporate offerings will be made available to our customers incrementally. We look forward to revealing our full innovative banking services and expanding them to key sectors of the UAE economy.”

Zand corporate services include a range of products designed to enhance the digital experience of corporate banking. From seamless onboarding and fast account opening to an automated loan approval process, businesses have ultimate control over their banking relationship.

This announcement comes following the formation of Zand’s Board of Directors.