Digital Bank Zand Receives Banking Licence From UAE Central Bank

Zand, a digital banking startup which provides retail and corporate services, has been granted a banking licence from the Central Bank of the United Arab Emirates.

The licence, which authorises and regulates Zand to operate as a fully independent bank, was awarded on June 30, 2022.

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Zand is one of the first digital banks to provide both retail and corporate banking. In addition to banking services, Zand is set to be a digital economic accelerator, providing the foundations for a broader generation of digital services. Through fully digital offerings, Zand will make banking quicker and simpler, and provide tools that put customers in control of their financial lives.

Zand is also part of Dubai International Financial Centre (DIFC)'s Open Finance Lab. The lab will run business and technical workshops, facilitate industry and regulatory forums on important issues. These include API standards and consumer consent management, and educational sessions to promote a greater understanding of how the Open Finance data will create more opportunities through the application of emerging technologies; resulting in new data-driven innovations and business models that will improve the future of the financial system. The insights and learnings from the use cases and forums will contribute to the development of the sector and regulations.