Zand Revolutionizes UAE Banking with Institutional-Grade Digital Asset Custody
13 December 2024, Dubai, United Arab Emirates – Zand, the UAE’s first fully licensed, AI-powered digital bank, is proud to announce the launch of its Digital Asset Custody services. This innovative offering, approved by the Virtual Asset Regulatory Authority (VARA), positions Zand as the first UAE bank to provide institutional-grade digital asset custody services under its banking license.
Designed for corporate and institutional clients, Zand’s custody services ensure top-tier security, with private keys protected in onshore UAE Hardware Security Modules (HSMs) to meet the highest global standards. By combining banking and digital assets expertise with advanced blockchain technology, Zand bridges the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi), empowering clients to securely manage both fiat money and digital assets.
Leadership Perspective
Mohamed Alabbar, Chairman of Zand, commented: “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”
Michael Chan, CEO of Zand, added: “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”
Raising the Bar in Security and Compliance
As a regulated entity under the Central Bank of the UAE and a digital assets custodian licensed by VARA, Zand adheres to the strictest standards of stability, compliance, and risk management. The custody solution is supported by advanced security protocols, continuous audits, and a dedicated team of information security experts, ensuring that clients’ assets remain secure and accessible.
With its AI-powered infrastructure, Zand not only delivers seamless digital banking experiences but also sets new benchmarks for trust and reliability in the financial sector.