Zand, a digital bank helmed by Dubai businessman Mohamed Alabbar, has won the backing of investors such as Franklin Templeton and Aditya Birla Group as it seeks to seize on opportunities thrown up by fintech.
The roster of investors also include Abu Dhabi’s Al Hail Holding, Al Sayyah & Sons Investments, Global Development Group, Yusuff Ali of Lulu Group, and Zand co-founder Olivier Crespin, according to a statement.
The launch of Zand, which will offer both retail and corporate banking, in the United Arab Emirates is “imminent,” according to the statement. It didn’t provide financial details of investments.
Digital banks have taken off with the spread of finance technology in Middle East, a region with high internet penetration and a largely young population. Zand will be competing other digital platforms including Wio, backed by Abu Dhabi wealth fund ADQ and the offshoots of traditional banks such as Dubai’s Emirates NBD.
The shareholders of Zand completed the acquisition of the majority of shares in Dubai Bank from Emirates NBD in December.
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