RIYADH: UAE-based digital bank Zand has raised funding from a group of international financial institutions.
While the amount raised has not been disclosed, Zand has received the backing of investors such as Franklin Templeton and Aditya Birla Group.
The firm seeks to take advantage of opportunities presented by the fintech sector, according to a statement.
Founded by Dubai businessman Mohamed Alabbar, Zand plans to launch retail and corporate banking soon in the UAE.
Zand is the second neobank to be launched in the UAE this year after YAP, and will compete against other digital platforms including Wio, and subsidiaries of traditional banks such as Dubai’s Emirates NBD.
With the spread of fintech sector in the Middle East, Saudi Arabia has also stepped up its efforts in the fintech space, as it recently approved a license to launch a local digital bank, D360, Saudi Central Bank reported on Feb. 15.
