Zand Bank, one of the first digital corporate lenders in the UAE, is planning to expand to the across the Gulf and the African continent across the next three years, its CEO said.
Speaking to The National on the sidelines of Abu Dhabi Finance Week (ADFW), CEO Michael Chan said the bank has received strong inbound interest from regional partners.
“Banks from at least four African countries and two GCC markets have approached us to explore joint ventures—either leveraging their existing licenses or co-creating new digital banks together,” Mr Chan said.
He added that Zand had so far prioritized its internal transformation and platform build-out, rather than immediate regional expansion.
Digital Adoption and Africa-UAE Trade Links
Payment corridors and border trade flows link the UAE and Africa.
According to Mr Chan, the UAE serves dual purpose: one as an investor and the second as a re-export hub for Africa.
Zand’s Executive Board
The board of Zand is chaired by Emaar Properties founder, Mohammed Alabbar, who counts Abu Dhabi’s Al Hail Holding as its largest shareholder with a 55% stake.
Other shareholders include Emirates NBD, Templeton International, a part of the Franklin Templeton Group, and Lulu Group founder Yusuff Ali.
Blockchain and Borderless Banking
Franklin Templeton CEO told the audience at ADFW, last week, that blockchain is coming whether we like it or not.
Zand has built its operating model around blockchain-enabled, on-chain banking, positioning itself as a provider of borderless financial services.
The bank focuses on serving mid-to-large corporates, financial institutions, and government-related entities.
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