The alliance is designed to support financial innovation and growth by providing essential infrastructure and specialised services for new entrants in the market.
Since its launch in 2022, Zand Bank has served corporate, institutional, and wealth clients within the UAE and globally, supporting their efforts to navigate the digital economy with an emphasis on sustainable growth and business development.
The partnership aims to facilitate fintech growth by offering services such as BIN-sponsorship, virtual IBANs, and Client Money Accounts. These offerings are intended to help fintechs accelerate their market entry and scale operations efficiently within the UAE. The partnership aligns with the UAE government’s Digital Economy Strategy, which aims to double the digital sector’s GDP contribution from 9.7% (as of April 2022) to 19.4% over the next ten years, reinforcing the UAE’s ambitions to become a major hub for digital innovation.
By offering infrastructure and compliance support, Paymentology and Zand aim to reduce barriers for new fintech ventures, creating a more accessible and efficient financial ecosystem that supports innovation and customer growth. In essence, this collaboration is expected to contribute to the UAE’s growing digital economy, providing fintechs with the resources necessary to bring new financial solutions to market.
Zand Bank officials expressed enthusiasm for the partnership, noting its potential to accelerate fintech development in the UAE. Representatives from Paymentology, echoed this sentiment, emphasising the commitment to empowering startups with next-generation infrastructure to drive the UAE’s digital economy forward.
Paymentology operates as a global issuer-processor, delivering technology and support for banks, fintechs, and telecom companies to issue and manage various types of payment cards and services. Its multi-cloud platform and local presence in over 60 countries provide a foundation for real-time data access and financial inclusion.
Licenced by the UAE Central Bank in 2022, Zand is a fully digital bank focused on supporting corporate and institutional clients in the evolving digital economy. The bank’s mission centres on fostering sustainable growth and enabling new opportunities for clients both within the UAE and internationally.
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