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UAE to launch world's first digital corporate, retail bank

UAE to launch world's first digital corporate, retail bank
Zand is subject to final regulatory approvals

UAE - Mubasher: The UAE will introduce the world's first digital bank to provide both retail and corporate banking, Zand, with Mohamed Alabbar, the Founder and former Chairman of Emaar Properties, as Chairman.

Subject to final regulatory approvals, Zand will offer the base of digital services for a broader generation alongside innovative banking services, according to a press release on Monday.

The digital bank will also allow communities of businesses and individuals to launch products and services not traditionally available.

Chairman of Zand, Mohamed Alabbar, commented: "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."

The CEO of Zand, Olivier Crespin, said: "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."