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Digital Bank Zand Receives UAE Banking License

Digital Bank Zand Receives UAE Banking License

Tuesday, 5 July, 2022 - 07:45
A picture taken on June 30, 2022, shows a view of the Dubai Marina in the Gulf Emirate. (AFP)

Emirati digital banking start-up Zand, which provides retail and corporate services, said on Tuesday it had been granted a banking license from the Central Bank of the United Arab Emirates.

The license, which authorizes and regulates Zand to operate as a fully independent bank, was awarded on June 30, Chief Executive and co-founder Olivier Crespin said in a statement.

A growing number of digital banks are starting up in the UAE.

Dubai-based YAP, which says it has signed up over 130,00 users, on Monday said it had raised $41 million and would seek roughly $20 million in additional funding as it expands into new markets.

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