digital banking
UAE will be getting a new bank in Zand - as digital becomes the new arena for traditional banking giants and new entrants to fight over. Image Credit: Shutterstock

Dubai: A new full-scale digital bank - 'Zand' - is set to open in the UAE - and becoming the "first in the world" to offer both retail and corporate banking services.

In a statement, Mohamed Alabbar, the Chairman, said: “As the first fully independent digital bank in the country, with a full UAE banking licence, Zand will provide innovative, effective financial solutions that help simplify businesses and lives, addressing the needs of both retail and corporate customers.”

Zand will be "unique in focusing on ecosystems and communities of businesses and individuals, enabling it to introduce unique products and services not traditionally available," the statement added.

Work in progress
Zand is awaiting regulatory clearance to go live. Its website is still static and asks visitors to register their interest for updates.

Some of UAE's mega-banks already have gone live with their digital banking spinoffs, while in Abu Dhabi, the holding company ADQ could soon be launching one.

“Backed by strong shareholders and working with the best bankers and technologists, we’ve built a bank that delivers on the promise of understanding and meeting customer needs," said Zand’s CEO, Olivier Crespin. "From our systems to our processes and our team, we're built and ready, and we're looking forward to welcoming the first customers soon.”

The UAE combines progressive regulations with commercial, financial, and technology hubs. This provides the perfect environment for a world-leading digital bank that can launch in the UAE and scale beyond

- Mohammed Alabbar, Zand's Chairman