Zand Signs MoU with Transguard Group
Dubai, 4 March 2024
Dubai, United Arab Emirates – Business solutions provider Transguard Group is pleased to announce it has signed a Memorandum of Understanding with Zand Bank, the UAE's first digital bank. Under this agreement, which is subject to regulatory approval, Transguard Cash is signalling its interest in exploring, through strategic partners, the expansion of its already robust portfolio of services to include Digital Asset Collection Solutions and Digital Asset Custody Services.
"This MOU represents a pivotal moment in Transguard's ongoing evolution in the digital space," stated Rabie Atieh, CEO, Transguard Group. "While we are well-established as leaders in cash management solutions, this partnership with Zand Bank will allow us to further expand our product range to existing clients and even more client segments in order to serve this dynamic new sector."
"I am thrilled to build our strategic alliance with Transguard, the most trusted cash and valuable commodities custodian as well as the largest security company," added Michael Chan, CEO, Zand Bank. "Together we are embarking on a journey to revolutionise digital services and set the highest standard of security in digital asset custody. We want to provide our clients with peace of mind, allowing them to focus on their core business. This partnership showcases how we are well-positioned to help businesses meld the reliability of time-honoured services with the dynamism of modern innovation, keeping institutions at the forefront of their industries."
Leveraging Transguard's formidable expertise in the custody of cash and valuable commodities to enhance security for digital asset services, this partnership is designed to provide secure and compliant custody solutions for clients entering the digital asset ecosystem. Bolstered by Zand Bank, this collaboration heralds the advent of an institutional-grade digital asset custody solution that is equipped to securely store a variety of asset types including digital currencies, cryptocurrencies, non-fungible tokens (NFTs) and tokenised assets whether they are financial or non-financial in nature. From physical safeguards to stringent regulatory adherence, comprehensive anti-money laundering protocols and meticulous risk management, this partnership is poised to deliver a wide-reaching, defense-in-depth protective framework with all cryptographic private keys stored locally in the UAE.