Digital bank Zand to provide both retail and corporate services after Dubai Bank deal

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Digital bank Zand to provide both retail and corporate services after Dubai Bank deal
Digital bank Zand to provide both retail and corporate services after Dubai Bank deal

Through fully digital offerings, the digital bank said in a statement that it will make banking quicker and simpler, and provide tools that put customers in control of their financial lives

The first digital bank – Zand’s shareholders, to provide both retail and corporate services in the UAE 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, the digital bank said in a statement that it will make banking quicker and simpler, and provide tools that put customers in control of their financial lives. The digital bank  will also introduce products and services not traditionally available.

Olivier Crespin, co-founder and CEO of the digital bank, said, “We have re-imagined banking, freeing ourselves from the legacy mindset and processes of traditional banks while putting the customer at the centre 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 Mohamed Alabbar, founder and chairman of Emaar was to head the digital bank.

Emirates NBD, Dubai’s largest bank, launched Liv, the UAE’s first digital bank targeted at millennial, 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 licence of First Gulf Bank.

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