The shareholders of Zand, the first digital bank in the UAE to provide both retail and corporate services, have completed the acquisition of the majority of shares in Dubai Bank ahead of its planned launch.
Mohamed Alabbar, chairman of Zand, said: “Today’s announcement marks another major milestone for Zand, and we are excited to be closing in on our goal of establishing the UAE’s first native digital bank.
“In line with the UAE’s digital agenda and inspired by the nation’s spirit of innovation, we have been actively working with design, technology, and financial partners to create a platform that will change the way people bank.”
He added: “As a commercial, financial, and technology hub, coupled with a progressive approach to regulation, the UAE provides the ideal environment into which to launch, and we cannot wait to welcome our first customers.”
Through fully digital offerings, Zand said in a statement that it will make banking quicker and simpler, and provide tools that put customers in control of their financial lives. Zand will also introduce products and services not traditionally available.
Olivier Crespin, co-founder and CEO of Zand, said: “We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the center of everything we do.
“We are now in the final stage of going live and all remaining steps including regulatory approval are well on track for an imminent launch.”
In April, it was announced that Emaar founder and chairman Mohamed Alabbar wass to head Zand.
Emirates NBD, Dubai’s largest bank, launched Liv., the UAE’s first digital bank targeted at millennials, back in 2017.
Last year, Abu Dhabi investment firm ADQ revealed plans to set up a digital bank with an initial capital of AED2 billion ($545 million) after obtaining the legacy license of First Gulf Bank.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
