Digital lender Zand receives licence from UAE Central Bank

Zand, UAE’s first digital bank to provide both retail and corporate services, announced that it has been granted a banking licence from the Central Bank of UAE to become Zand Bank.

The digital bank is now authorised and regulated to operate as a fully independent commercial lender.

Zand’s chairman, Mohamed Alabbar said, “We’re thrilled that Zand has reached another milestone and is now a fully licenced bank. 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.”

Zand is activating its strategic partnerships with regional and international companies to provide its corporate customers with a banking experience underpinned by security, transparency, and convenience. It is also powering up all systems and connections for its personal banking launch phase.

Zand’s co-founder and CEO, Olivier Crespin, added, “We got our banking licence on June 30, and we celebrated by welcoming our first corporate customers. Zand’s corporate offerings will be made available to our customers incrementally. We look forward to revealing our full innovative banking services and expanding them to key sectors of the UAE economy.”

This announcement comes following the formation of Zand’s board of directors earlier this month.

Read: Digital bank Zand announces board of directors