Dubai: Fintech firm YAP has launched an independent digital banking platform in the UAE.
Interested users need to complete a digital onboarding process, following which they get a bank account, a debit card and an app.
YAP’s platform provides consumer spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. The company has partnered with RAK Bank in the UAE to provide IBAN and BIN sponsorship.
The fintech platform, which does not require customers to maintain a minimum balance, offers a virtual card with a unique card number, CVV, and an expiration date for secure online shopping.
“We set out with the goal of creating an app that made digital banking enjoyable and easy for consumers and we’ve received an enthusiastic response,” said Marwan Hachem, YAP CEO and founder.
More than 20,000 consumers have already pre-registered to use the app, with several hundred early adopter accounts going live in each of the next few weeks.
“It’s been so gratifying to see tens of thousands of people interested in the app before we officially launched which has validated our view that YAP will be widely accepted in this region,” added Hachem.