Global issuer processor Paymentology has signed a referral partnership agreement with UAE digital bank Zand Bank to focus on fuelling further fintech growth across the Middle Eastern country.
The collaboration will look to expand financial services for fintechs and startups, aiming to accelerate innovation and growth in the UAE.
Paymentology and Zand will enable fintechs to grow by offering 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.
Michael Chan, CEO at Zand commented: “We are thrilled to partner with Paymentology to drive fintech acceleration in the region. 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.”
Fintech has become a prominent part of the UAE’s Digital Economy Strategy, which aims to double the sector’s contribution towards the country’s BDP from 9.7% in April 2022, to 19.4% across the next decade.
The partnership between Paymentology and Zand seeks to support this initiative, offering fintechs the necessary tools to innovate, while reinforcing the UAE’s ambitions to become a regional and global hub for the digital economy.
Nauman Hassan, Regional Director for MENA at Paymentology 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.”
Hassan, alongside Tokhir Abdukadyrov, Senior VP and Head of Digital Social Infrastructure Solutions at BPC, lent their expert knowledge to a recent in-depth Payment Expert feature that explored how the UAE has been developing its fintech and digital economy in a bid to become a world leader that can rival market leaders.
