Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, has entered into a strategic referral partnership with Zand Bank, the UAE’s first digital bank.
This collaboration aims to strengthen and expand financial services for fintechs and startups across the region.
The partnership will leverage Network’s expertise in card processing to support Zand Bank’s goal of becoming a digital economic accelerator for fintechs. A key element of this collaboration is BIN (Bank Identification Number) sponsorship, which allows the bank to offer businesses and fintechs the ability to issue cards and access advanced digital financial services.
This move is expected to provide emerging fintechs with greater access to card schemes and the tools needed to innovate in the financial services sector.
The UAE, recognized as the most active fintech hub in the MENA region, accounted for 51% of fintech investment deals in the first quarter of 2023. The UAE government’s strong support for fintech innovation and collaboration has created a thriving ecosystem for startups and financial technology companies.
With increasing consumer interest in complex financial products, the partnership between Network and Zand is well-positioned to meet the growing demand for comprehensive digital financial services.
Michael Chan, CEO of Zand Bank, highlighted the significance of the partnership, stating, “Our collaboration 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 for the Middle East at Network International, expressed enthusiasm about the partnership, saying, “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 realize its objectives.”
Somu Roy, Managing Director of Processing for the UAE at Network International, added, “We are delighted to support Zand in expanding its footprint in the UAE while empowering fintechs and startups. Network’s expertise will enhance the digital bank’s capabilities in delivering comprehensive financial services to its customers.”
This partnership between Network International and Zand Bank is set to play a pivotal role in advancing the fintech ecosystem in the UAE, fostering innovation, and driving digital economic growth.
