YAP Launches UAE's First Digital Banking Platform with RAK Bank

Dubai-based YAP, expecting to become a leader in the Middle East, Africa and South Asia, recently announced that it has partnered with RAK bank to launch the first independent digital banking platform in the UAE.

Like other neobanks, YAP does not have physical branch as well as provide traditional banking services including loans and mortgages. However, the neobank offers spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.

For YAP does not have a banking licence, it tapped RAK Bank which provides international bank account numbers for YAP users and secures their funds under its own banking licence.

As reported that the bank is partnering with banks in other countries including a bank in Saudi, in Pakistan and in Ghana.

“The fintech revolution has become very popular in other parts of the world and we saw a gap and unique need for this service in the Middle East,” said Marwan Hachem, CEO and founder at YAP.