Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, has signed a referral partnership with Zand, the UAE’s first digital bank, focused on boosting and expanding financial services for fintechs and startups in the region.
According to Industry sources, this partnership leverages Network’s expertise in card processing to support Zand’s objective of being a digital economic accelerator for Fintechs by permitting BIN Sponsorship opportunities. It will introduce access to card schemes and advanced digital financial services for new emerging fintechs. A BIN sponsorship allows Zand to empower businesses and fintechs to perform multiple functions such as card issuance.
Michael Chan, CEO of Zand Bank, stated: “Our partnership with Network International marks a significant milestone in our journey to revolutionize the financial services landscape in the UAE. By leveraging Network’s extensive expertise in card processing, we can provide fintechs and startups with the tools they need to innovate and grow. This collaboration aligns perfectly with our vision to be a catalyst for digital economic growth in the region, and we look forward to driving greater financial inclusion and accessibility through this strategic alliance.”
Navneet Dave, Managing Director & Co-Head of Processing Services – Middle East, stated: “We are excited to partner with Zand to transform the fintech landscape in the UAE. As the largest payment processor and acquirer in the region, Network has built long-standing relationships with many of the leading financial institutions, merchants and payment networks. Our experience and capabilities allow us to be the partner of choice for governments, banks, fintechs, merchants and public sector companies. We look forward to working with Zand to realise its objectives.”
Somu Roy, Managing Director, Processing – UAE at Network International, remarked, “We are delighted to support Zand to expand their footprint in the UAE, while empowering fintechs and startups. Network’s expertise will enhance the digital bank’s capabilities in delivering comprehensive financial services for its customers.”
Industry sources added that rising consumer interest in complex financial products including end-to-end financial services, makes relevant use cases for fintechs. The UAE is the most active fintech country in the MENA region, with a 51 percent share of investment deals as of the first quarter of 2023. The UAE government actively encourages the development of a fintech ecosystem in the nation centered on innovation and collaboration.
