عربي

Digital bank Zand set to launch after Dubai Bank acquisition

Digital bank Zand set to launch after Dubai Bank acquisition
  • The shareholders of Zand, a digital bank that caters to retail and corporate clients, have acquired a majority stake in Dubai Bank PJSC. 
  • According to Olivier Crespin, co-founder and CEO of Zand, the bank will be live soon.
  • This is the second neobank to launch in the UAE this year after Dubai-based YAP.

Source: Zawya

The shareholders of Zand, the first digital bank to provide both retail and corporate banking, have completed the acquisition of the majority of shares in Dubai Bank PJSC as per its establishment roadmap. 

According to Olivier Crespin, co-founder and CEO of Zand, the bank could be launched soon.

“We are now in the final stage of going live and all remaining steps including regulatory approval are well on track for an imminent launch,” Crespin said in a statement.

Mohamed Alabbar, Chairman of Zand, said: "We are excited to be closing in on our goal of establishing the UAE’s first native digital bank.”

In addition to innovative banking services, Zand is set to be a digital economic accelerator, providing the foundations for a broader generation of digital services.

“In line with the UAE's digital agenda and inspired by the nation’s spirit of innovation, we have been actively working with design, technology and financial partners to create a platform that will change the way people bank,” Alabbar said.

Thank you

Please check your email to confirm your subscription.

Whoops, looks like something went wrong.

(1/1) ErrorException

file_put_contents(): Only 0 of 245 bytes written, possibly out of free disk space

in Filesystem.php (line 122)
at HandleExceptions->handleError(2, 'file_put_contents(): Only 0 of 245 bytes written, possibly out of free disk space', '/var/www/wamda-frontend/vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php', 122, array('path' => '/var/www/wamda-frontend/storage/framework/sessions/RrvcUlV4D6tmaEZ2lKOD0xrOthtI4lam8RsdVsYE', 'contents' => 'a:3:{s:6:"_token";s:40:"p6JRitfhUxGcZlSg1aMHVmlFcVkKw7kdGUxQBSrP";s:9:"_previous";a:1:{s:3:"url";s:87:"http://staging.wamda.com/en/2021/12/digital-bank-zand-set-launch-dubai-bank-acquisition";}s:6:"_flash";a:2:{s:3:"old";a:0:{}s:3:"new";a:0:{}}}', 'lock' => true))
at file_put_contents('/var/www/wamda-frontend/storage/framework/sessions/RrvcUlV4D6tmaEZ2lKOD0xrOthtI4lam8RsdVsYE', 'a:3:{s:6:"_token";s:40:"p6JRitfhUxGcZlSg1aMHVmlFcVkKw7kdGUxQBSrP";s:9:"_previous";a:1:{s:3:"url";s:87:"http://staging.wamda.com/en/2021/12/digital-bank-zand-set-launch-dubai-bank-acquisition";}s:6:"_flash";a:2:{s:3:"old";a:0:{}s:3:"new";a:0:{}}}', 2)in Filesystem.php (line 122)
at Filesystem->put('/var/www/wamda-frontend/storage/framework/sessions/RrvcUlV4D6tmaEZ2lKOD0xrOthtI4lam8RsdVsYE', 'a:3:{s:6:"_token";s:40:"p6JRitfhUxGcZlSg1aMHVmlFcVkKw7kdGUxQBSrP";s:9:"_previous";a:1:{s:3:"url";s:87:"http://staging.wamda.com/en/2021/12/digital-bank-zand-set-launch-dubai-bank-acquisition";}s:6:"_flash";a:2:{s:3:"old";a:0:{}s:3:"new";a:0:{}}}', true)in FileSessionHandler.php (line 83)
at FileSessionHandler->write('RrvcUlV4D6tmaEZ2lKOD0xrOthtI4lam8RsdVsYE', 'a:3:{s:6:"_token";s:40:"p6JRitfhUxGcZlSg1aMHVmlFcVkKw7kdGUxQBSrP";s:9:"_previous";a:1:{s:3:"url";s:87:"http://staging.wamda.com/en/2021/12/digital-bank-zand-set-launch-dubai-bank-acquisition";}s:6:"_flash";a:2:{s:3:"old";a:0:{}s:3:"new";a:0:{}}}')in Store.php (line 128)
at Store->save()in StartSession.php (line 88)
at StartSession->terminate(object(Request), object(Response))in Kernel.php (line 218)
at Kernel->terminateMiddleware(object(Request), object(Response))in Kernel.php (line 189)
at Kernel->terminate(object(Request), object(Response))in index.php (line 58)