Emaar founder Mohamed Alabbar has announced the opening of ‘Zand’ – a new full-fledged independent digital bank in the UAE. According to the Emaar chief and Zand’s chairman Alabbar, it will be the “first bank globally” to provide both retail and corporate banking services.
Armed with a complete UAE banking license, Zand is expected to offer innovative financial solutions and will make business and people’s lives much easier by meeting the demands of retail and corporate customers.
“The UAE combines progressive regulations with commercial, financial, and technology hubs. This provides the perfect environment for a world-leading digital bank that can launch in the UAE and scale beyond,” Alabbar said in a statement.
The first full-scale digital bank in the UAE aims to be unique from the perspective of zeroing in on ecosystems and communities of businesses and individuals, allowing it to offer exclusive products and services not usually available from other legacy banks, according to Alabbar.
Olivier Crespin has been appointed as the digital bank’s CEO.
Crespin said, “Backed by strong shareholders and working with the best bankers and technologists, we’ve built a bank that delivers on the promise of understanding and meeting customer needs. 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.”
Zand is expected to go live once it obtains the regulatory clearance green signal from authorities.
