Zand Bank is a new digital bank set up in Dubai. It is also a fully independent digital bank in the United Arab Emirates. This is a digital-only bank and no physical branches available anywhere. The bank proposal was announced in the month of April 2021.
Zand Digital Bank
Even though it has no physical branches, the bank has a full banking license to operate in the United Arab Emirates. It is not less than any other bank that has a physical presence. It will support the financial sector connected to companies and individuals.
Currently, the bank or its website is not open to doing banking, but it started taking data of those who are interested. When the website is fully operational, those who registered for banking services can open an account and start transacting.
CEO of Zand Bank
The chairman and CEO of Zand Bank is Mr. Mohamed Alabbar and the board of investors includes Al Hail Holdings of Abu Dhabi, Al Sayyah & Sons Investments, Global Development Group, M A Yussuf Ali of Lulu Group, and Zand co-founder Olivier Crespin.
The aim of the UAE’s first digital bank is to Reshape the future of banking as per its Chairman. The reason for thinking about such a kind of bank is due to the high internet literacy of people. The second main reason is the usage by new generation people who are more into the digital world.
Zand Bank Shareholders
Zand Digital Bank has a strong investor line-up. Its financial background is strengthened by the association of business groups like Aditya Birla of India and Franklin Templeton. The Aditya Birla group is a century-old company that has a market cap of $75 billion. The company has operations in 36 countries. Its fund management and financial sector experience have a volume of about $57 billion.
The bank’s launching of banking operations for the public will happen soon. The bank is awaiting the final approval from the UAE’s financial regulators and the Central Bank of India.
First Digital Bank in UAE Lauch
The concept of digital banking is not new to UAE. Many leading physical banks are having its digital products – neo banking system in a Hybrid way. These banks have main physical branches and digital produts such as ‘neo’, ‘liv’, ‘amwali’, ‘klip’ etc.
