Emaar chief, Mohamed Alabbar, to chair new UAE digital bank

Mohamed Alabbar, founder of Emaar and e-commerce platform Noon.com, will chair Zand, the world’s first digital bank to provide both retail and corporate banking services.

The digital bank is set for an imminent launch in the UAE, subject to final regulatory approvals.

Zand aims to be a digital economic accelerator, providing the base for a broader generation of digital services, in addition to offering banking services.

It will make banking quicker and simpler via its digital offerings, a statement said.

The digital bank will also focus on ecosystems and communities of businesses and individuals, enabling it to introduce products and services not traditionally available.

Mohamed Alabbar said: “The UAE combines progressive regulations with commercial, financial, and technology hubs. This provides the perfect environment for a digital bank that can launch in the UAE and scale beyond.

“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’s CEO, Olivier Crespin, added that the bank is backed by strong shareholders.

“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,” he said.

Last month, Dubai-based neobank YAP launched the first independent digital banking platform in the UAE.

Read: UAE’s first independent digital banking platform launched

In October of last year, Abu Dhabi investment firm ADQ announced plans to set up a digital bank with an initial capital of $545m after obtaining the legacy licence of First Gulf Bank.

Read more: Abu Dhabi investment firm to form digital bank with $545m capital