The Central Bank of the United Arab Emirates has granted a banking licence to digital banking firm Zand.

With the UAE banking authorisation, the digital bank can now operate as a fully independent commercial bank.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Zand, which is led by a team of technologists and bankers, is said to be the first digital bank to offer both retail and corporate banking services.

Initially, Zand will leverage its partnerships with regional and international companies to offer banking services to corporate customers.

Meanwhile, the digital bank will also prepare to launch its retail banking services.

Currently, Zand’s offerings include a range of products aimed at enhancing the banking experience such as fast account opening and automated loan approvals.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Zand chairman HE Mohamed Alabbar said: “We are 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.”

The announcement comes after the formation of Zand’s board of directors.

Zand co-founder and CEO Olivier Crespin said: “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.”