Initial Independent Digital Banking Platform launched within UAE

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Within the past two months to utilize app over 25,000 applicants pre-registered within UAE. Dubai-based YAP Neobank has launched the initial independent digital banking platform in UAE.

Associates can get a bank account, a YAP Mastercard Debit Card as well as an app that have the funds for an indication of a client’s expenditure analytics, bids ways to transfer finance and pay bills, and real-time announcements of acquisitions, withdrawals and transfers.

YAP has aligned with UAE creditor RAK Bank to offer IBAN and BIN sponsorship.

The YAP app proposals a virtual card with exceptional secured structures such as a unique card number, a exclusive CVV, and an finishing date for secure online shopping, as well as a widespread database of resources for clients.

Through a digital suite of devices such as analytics and budgeting tackles, bill splitting, joining and automating utility bill payments, and receipt reminders for payments due, the app benefits users control their finances.

YAP’s head of product experience and innovation Katral-Nada Hassan stated that “YAP’s unique value proposition is the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets.”

“In the UAE YAP is beginning a merchandize specific to young individuals called YAP Young, where parents can produce accounts for their children in order to teach them about economic literacy through expenditure, earnings and savings via their own YAP account.”

“YAP is also launching YAP Household, a merchandize that permits members to create an account for their household aid, where they can deposit salaries and finance for household expenses directly to their household help’s own YAP account. These merchandize features are unique to the market and we trust will not only aid for meet unmet requirements for everyday residents of the UAE, but also target the underserved communities too.”

“In the preceding two months of our waiting list going live, we have already over 25,000 concerned applicants on our waiting list. We have confidence in this number will multiply as we upsurge our marketing exertions, and as more and more individuals start utilizing the YAP and sharing us with their family and friends.”

The app was considered with innovative technology in FinTech to make banking relaxed and more accessible to clients. “Fintechs have fortified retail banking to emphasis on client experience at every point in the client voyage. Banks can no longer commit to the status quo or the regular business protocols they are used to.”

“They are now commencing to query and look at how they too can offer the best client experience. Many banks are going via massive digital revolutions and hiring digital savvy tech individuals to join their banks. This shift in the way banks is doing commercial has been fast-tracked by the FinTech movement globally.”

In terms of evolution, the business aims to develop beyond the UAE. “YAP objectives to become the leading digital banking application of the region. We have our sights set on many neighbouring countries and are already accelerating our efforts for the new countries we plan to open before the end of the year, one being Pakistan and the other Ghana,” Hassan added.

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