Zand, a digital bank helmed by Emaar founder and chairman Mohamed Alabbar, has won the backing of investors such as Franklin Templeton and Aditya Birla Group as it seeks to seize on opportunities thrown up by fintech.
The roster of investors also includes Abu Dhabi’s Al Hail Holding, Al Sayyah & Sons Investments, Global Development Group, Yusuff Ali of Lulu Group, and Zand co-founder Oliver Crespin (pictured below), according to a statement.
The launch of Zand, which will offer both retail and corporate banking, in the UAE is “imminent,” according to the statement. It didn’t provide financial details of investments.
Zand and the region’s fintech industry
Digital banks have taken off with the spread of finance technology in the Middle East, given the region’s high internet penetration and a largely young population.
The UAE-based fintech company will be competing with other digital platforms including Wio, backed by Abu Dhabi wealth fund ADQ and the offshoots of traditional banks such as Dubai’s Emirates NBD.
Late last year, Zand’s shareholders completed the acquisition of the majority of shares in Dubai Bank ahead of its planned launch.
Through fully digital offerings, Zand 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.
Emirates NBD, Dubai’s largest bank, launched Liv., the UAE’s first digital bank targeted at millennials, back in 2017.
In 2020, ADQ revealed plans to set up a digital bank with an initial capital of AED2 billion ($545m) after obtaining the legacy licence of First Gulf Bank.
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