Zand Bank celebrated the day with the announcement of their license from UAE Central Bank on 30th June. Zand’s co-founder and CEO Oliver Crespin told the media “We got our banking license on June 30, and we celebrated by welcoming our first corporate customers. Zand’s corporate offerings will be made available to our customers incrementally.”
In an interview with CNBC, Mr. Crespin said that Zand Bank has secured its 2 Billion capital that is required for a bank in UAE.
Zand Bank Board of Directors
Mr. Mohamed Alabbar is appointed as Chairman of its first Board of Directors. Zand bank plans to have strategic partnerships with regional and international companies to provide exceptional banking experience to its customers.
Al Hail Holding, Al Sayyah & Sons Investments, Global Development Group, Yusuff Ali of Lulu Group are few of the investors in the bank.
Zand bank will be catering its services to both retail and corporate customers in United Arab Emirates.
On its website, Zand bank stated “We combine the best of financial services technology and design thinking to give you an easy and transparent banking experience. We built a bank fit for your smartphone and designed it to give you the control and access you desire. Zand is designed to be highly adaptable and intuitive. Our platform delivers the services expected from a bank combined with a vibrant and engaging customer experience tailored to your unique personal and business needs.”
On Zand’s LinkedIn Page it says “Zand will make banking quicker and simpler, and provide tools that put customers in control of their financial lives. Zand will also be unique in its focus on ecosystems and communities of businesses and individuals, enabling it to introduce products and services not traditionally available.”
Digital banks have taken off with the spread of finance technology in Middle East, a region with high internet penetration and a largely youthful population. Zand will be contending other digital platforms including Wio, backed by Abu Dhabi wealth fund ADQ and the offshoots of traditional banks similaDigital banks have taken off with the spread of finance technology in Middle East, a region with high internet penetration and a largely youthful population. Zand will be contending other digital platforms including Wio, backed by Abu Dhabi wealth fund ADQ and the offshoots of traditional banks similar as Dubai’s Emirates NBD.r as Dubai’s Emirates NBD.
It is still unclear if Zand Bank will offer Merchant Acquiring Services to its customers or not.
Banks operating in UAE
Here is a list of major banks operating is UAE.
- Emirates NBD
- First Abu Dhabi Bank
- Abu Dhabi Islamic Bank
- Abu Dhabi Commercial Bank
- RAK Bank
- Commercial Bank Dubai
- Emirates Islamic Bank
- Sharjah Islamic Bank
- Ajman Bank
- Bank of Umm Al Quwain
- Fujairah Bank
- Bank of Baroda
- Janata Bank
- Bank Misr
- Bank Sedarat Iran
- Commercial Bank International
These banks offer business and personal account services.
For personal account, the customers are offered Current Account or Savings Account. Most of individuals in UAE have Current Salary Accounts. To apply for Current Salary Account, a salary certificate is required and the salary should be transferred to the account. It is very convenient to open a salary account if you are employed and have salary of AED 4000 or more.
Savings Accounts does not require any additional documents except your Emirates ID, passport and visa copies. You can apply for Savings Account online by visiting website of the desired bank or by downloading their app on your mobile.
Opening a business account has some additional requirements. Here is the list of documents required by most of banks to open a company bank account
- Trade license
- Memorandum of Association
- Emirates ID, Passport and Visa copies of all partners
- Rent Agreement
- Proof of residence of partners
- Power of attorney (if any)
- 6 months company bank statement (if available)
- 6 months personal statement of partners
There is a business verification process which must be completed by the staff of bank before the bank will activate the account. A bank staff will visit the premises of the business to verify the address and the business. After the submission of his/her report, the bank will proceed to activate the account.