Zand Bank is a digital bank that offers a range of innovative financial products and services to customers in the United Arab Emirates. Licensed in July 2022, Zand Bank aims to revolutionize the traditional banking industry by providing a seamless and convenient digital banking experience. One of the key features of Zand Bank is its user-friendly mobile app, which allows customers to manage their accounts, make payments, and access a range of banking services on the go. The app also offers advanced security features to protect customers’ personal and financial information.
Facts about Zand Bank
- Regulated by the Central Bank of the UAE;
- Fully digital, cloud-based banking platform in UAE;
- The first-ever integration of blockchain and AI technologies into real estate Escrow;
- Relationship Manager support;
- Currency – any currency approved by Zand Bank.
Types of Accounts
- Corporate (Business) bank accounts
Business Types Eligible to Open an Account in Zand Bank
- Companies registered in UAE Mainland;
- ADGM companies;
- Fintech & Wealth sectors.
Document Requirements to Open a Zand Bank Corporate Account
- Memorandum of Association (MOA);
- Trade License;
- Power of Attorney (POA);
- Board Resolution;
- Proof of address (Title deed/UAE; VAT filling; Ejari/Tenancy contract; Utility bill – last 3 months);
- Bank statement (last 3 months);
- Emirates ID;
- Passport copy;
- Valid Visa (If applicable);
- Trade License or certificate of incorporation;
- Shareholder Structure (Optional);
- Additional documents will be required during the compliance stage.
Products and Services of Zand Bank
- SWEEP;
- User access management;
- Standing instructions;
- Short term deposits;
- Loans: term loan, working capital loan, corporate loan;
- Bank guarantee;
- Credit Programme;
- Transfers: international and domestic;
- Liability / no liability letter;
- VAT statement;
- Balance confirmation letter.
Partners of Zand Bank
- FomoPay;
- Transguard Group;
- ADGM;
- ABLF;
- Dubai RERA;
- Infosys Finacle.
Correspondent Banks
- Octobank, Uzbekistan
Overall, Zand Bank is a modern and customer-centric digital bank that is changing the way people in the UAE manage their finances. With its innovative technology and customer-focused approach, Zand Bank is set to become a leading player in the region’s banking industry.
Business Account Opening
Open Business Account in in Zand Bank – from 4 weeks
