- 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.
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.