Zand Bank now a licensed crypto custodian in UAE

Zand Bank now a licensed crypto custodian in UAE

UAE based Zand Bank, an AI powered digital bank, has received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Zand, the AI-powered bank for the digital economy and first fully licensed all-digital bank in the United Arab Emirates was founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

Mohamed Alabbar, Chairman of Zand, commented: “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”

Michael Chan, CEO of Zand, added: “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

Zand Bank has been chosen by several crypto exchanges and brokers who are working in the UAE as their digital banking partner. With Zand’s new crypto custodial license, VARA would have licensed three crypto custodians, Zand, Hex Trust, and Komainu.

Zand Bank has been growing its presence and offering within the UAE and GCC region. It has signed several partnerships over the past year, the last being with Paymentology.

Paymentology and Zand will enable fintech entities to thrive by offering a range of specialized services, including BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are designed to help fintech entities launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.

The timing aligns with the UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

Additionally, IDA, a Hong Kong-based stablecoin issuer, also partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Updated Dec 14th with quotes

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE based Zand Bank, regulated digital bank is collaborating with Alibaba Cloud, digital technology and intelligence backbone of Alibaba Group and Ant Digital Technologies in the Middle East region to focus on Generative AI use cases, blockchain, and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services. 

Michael Chan, CEO at Zand commented, ”We are thrilled to collaborate with Alibaba Cloud and Ant Digital Technologies to accelerate the applications of Generative AI, Blockchain and Payment Technology. This partnership represents a step forward in our journey to use generative AI to build Zand Bank’s AI Agent platform to boost the productivity of customer support, compliance and coding. This collaboration supports our AI powered banking businesses and UAE’s Digital Economy Strategy to double the sector’s contribution to the nation’s GDP over the next decade.”

Eric Wan, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence said, “As digital technologies are reshaping how we live and work in the era of AI, we are thrilled to join hands with Zand Bank in accelerating the adoption of advanced digital technologies such as Generative AI, Blockchain, and cutting-edge payment solutions in the Middle East. As a leading cloud service provider, Alibaba Cloud is committed to supporting local businesses in the region on their digital transformation journey through our robust infrastructure and innovative solutions. Together with Zand Bank, we look forward to shaping a more digitally-enabled future in the Middle East.”

Lily Peng, General Manager of International Business at Ant Digital Technologies, stated, “As our technology, products and business are going global, we are thrilled to collaborate with Zand Bank, a prominent banking group with extensive influence in the Middle East region. We will provide one-stop digital banking solutions, technology products such as mPaaS, ZOLOZ, and SOFA in close collaboration with Alibaba Cloud. Together with Zand Bank, we aim to explore the vast potential of the Middle East in the digital economy. “

Recently, IDA, a Hong Kong-based stablecoin issuer, partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

UAE Zand Bank at the center of a BRICS stablecoin

UAE Zand Bank at the center of a BRICS stablecoin

IDA, a Hong Kong-based stablecoin issuer, has partnered with UAE Zand Bank, the first fully licensed all-digital bank to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Michael Chan, CEO at Zand Bank commented: “We are excited to partner with IDA. Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.”

IDA is a digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3. HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.

Commenting on this partnership, Sean Lee, Co-founder and CSO at IDA said: “We are thrilled to partner with Zand Bank as this partnership aligns with the broader goals of financial innovation and digital transformation in the Middle East and Asia, positioning both companies at the forefront of the fintech revolution. The integration of stablecoins into cross-border payments promises to bring unprecedented transparency and stability, ensuring users can confidently transact with fiat-referenced digital currencies, and provides convenience for businesses which would like to access the Belt and Road countries.”

In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms.

The UAE Central Bank recently regulated stablecoins in the country, allowing for the issuance of AED stablecoins for payments for good and services in the country.

In addition AECoin recently received in principle approval from UAE Central Bank, while Tether works to launch its AED Stablecoin in Q1 of 2025.

Zand Bank is a leading digital bank in the UAE that is utilized by various crypto exchanges and VASPs.

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank, UAE’s first digital only bank has subscribed to Infosys Finacle Solutions, a wholly owned subsidiary of Infosys suite to power its corporate banking services and enable it to innovate and integrate solutions on Blockchain and AI.

The deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure is a testament to Zand’s commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics.

The Finacle Corporate Banking Solution Suite’s modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand’s objective of continuous innovation and commitment to customer delight.

Infosys Finacle enables Zand’s capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.

The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.

Michael Chan, Chief Executive Officer of Zand, said, “We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers.”

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us.”

ZAND Bank and ADGM partnered sometime back to offer preferential services to virtual asset service providers.