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UAE Launches First Digital Bank

20/4/2021

Digital banking in UAE launched as it continues to provide innovative and effective financial solutions.

The world is in a ‘digital era’. This has been further confirmed by the latest announcement of, the UAE’s first independent digital bank, ‘Zand’.

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

In 2016 UK’s Monzo card was praised for its innovativeness to eliminate the traditional requirement of ‘branch banking’, Monzo allows its customers to split bills, earn while saving through ‘savings pots’, and budget tracking.

The UAE’s 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,”, it will be the “first in the world” to offer both retail and corporate banking services.

In his statement Mohammed Alabbar praised the UAE in its “progressive regulations with commercial, financial, and technology hubs.” Zand will lead the UAE’s banking systems into the next generation.

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