Dubai: The UAE digital bank Zand has been granted a license from the UAE Central Bank – and will now be known as ‘Zand Bank PJSC’. The bank – with Mohamed Alabbar and LuLu owner Yusuff Ali as shareholders – can now operate as a full commercial bank.
“We got our banking licence on June 30, and we celebrated by welcoming our first corporate customers,” said Zand’s co-founder and CEO Olivier Crespin. “Zand’s corporate offerings will be made available to our customers incrementally.”
Zand recently announced its first Board of Directors, with Alabbar as Chairman. Zand is activating strategic partnerships with regional and international companies to provide its corporate customers a ‘banking experience underpinned by security, transparency, and convenience, while powering up all systems and connections for its personal banking launch phase’.
"Today’s announcement represents yet another excellent example of the UAE’s pioneering vision of having progressive regulations that drive fintech innovation," said Alabbar. “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.”