Paymentology has announced a referral partnership with Zand Bank to enhance financial service access for fintechs and startups in the UAE. This collaboration aims to foster financial innovation and support the growth of new businesses by providing essential infrastructure and specialized services in the market.
Since its launch in 2022, Zand Bank has been serving corporate, institutional, and wealth clients within the UAE and globally. The bank has focused on helping clients navigate the digital economy with an emphasis on sustainable growth and business development.
Supporting the UAE’s Digital Economy Goals
The partnership is designed to support fintech growth in the UAE by offering services such as BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are intended to help fintechs scale operations and accelerate market entry in the UAE. The collaboration aligns with the UAE government’s Digital Economy Strategy, which aims to double the digital sector’s contribution to the country’s GDP from 9.7% (as of April 2022) to 19.4% over the next decade. This reinforces the UAE’s ambition to become a leading hub for digital innovation.
By providing essential infrastructure and compliance support, Paymentology and Zand aim to reduce barriers for fintech startups, creating a more accessible and efficient financial ecosystem that nurtures innovation and customer growth. This collaboration is poised to play a pivotal role in supporting the UAE’s rapidly growing digital economy and empowering fintechs with the necessary resources to introduce new financial solutions to the market.
Excitement from Both Sides
Zand Bank officials expressed enthusiasm about the partnership, recognizing its potential to accelerate the development of fintech in the UAE. Representatives from Paymentology also echoed this optimism, emphasizing their commitment to providing startups with next-generation infrastructure to advance the UAE’s digital economy.
About Paymentology and Zand Bank
Paymentology is a global issuer processor providing technology and support to banks, fintechs, and telecom companies to issue and manage payment cards and services. With a multi-cloud platform and local presence in over 60 countries, Paymentology enables real-time data access and financial inclusion.
Zand, a fully digital bank licensed by the UAE Central Bank in 2022, focuses on supporting corporate and institutional clients in the evolving digital economy. Zand’s mission is to foster sustainable growth and create new opportunities for clients both within the UAE and globally.
