Global issuer processor Paymentology has entered a referral partnership with Zand Bank, the UAE’s first fully licensed digital bank, to support fintech and startup growth in the UAE.
Through this partnership, Paymentology and Zand will offer fintechs a range of specialised services, including BIN-sponsorship, virtual IBANs and Client Money Accounts.
These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.
The partnership aligns with the UAE government’s efforts to strengthen the digital economy under the UAE Digital Economy Strategy, which targets an increase in the sector’s GDP contribution from 9.7 per cent (as of April 2022) to 19.4 per cent over the next decade.
By providing fintechs with essential tools for innovation, the collaboration between Paymentology and Zand bolsters the UAE’s role as both a regional and global hub for the digital economy.
“We are thrilled to partner with Paymentology to drive fintech acceleration in the region,” said Michael Chan, CEO at Zand. “This is an exciting opportunity for both sides and will foster more synergies in the future, starting with our BIN-sponsorship programme. Together, we will enable fintechs to bring innovative solutions to market quickly, helping to shape the future of financial services in the UAE.”
Nauman Hassan, regional director for MENA at Paymentology, also added: “Our partnership with Zand Bank reinforces our commitment to providing the next-generation infrastructure fintechs need to succeed.
“We’re excited to be part of this journey, empowering startups and innovators to create the next generation of financial services that will drive the UAE’s digital economy forward.”
