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.