Network International Partners with Zand Bank to Transform UAE’s Fintech Landscape
Network International, a leading enabler of digital commerce in the Middle East and Africa, has announced a strategic referral partnership with Zand Bank, the UAE’s first digital bank. This collaboration aims to revolutionize the fintech ecosystem in the region by enhancing and expanding financial services for fintechs and startups.
Under the agreement, Network International will leverage its extensive expertise in card processing to support Zand Bank’s mission of serving as a digital economic accelerator for fintech companies. The partnership will introduce BIN sponsorship opportunities, enabling Zand Bank to provide access to card schemes and advanced digital financial services for emerging fintechs. BIN sponsorship allows businesses and fintechs to issue their own branded cards and perform multiple financial functions, thereby expanding their service offerings and operational capabilities.
The UAE continues to lead the fintech sector in the MENA region, holding a 51 percent share of investment deals in the first quarter of 2023. This partnership aligns with the UAE government’s active promotion of a robust fintech ecosystem centered on innovation and collaboration, responding to rising consumer demand for comprehensive financial products and end-to-end services.
Michael Chan, CEO of Zand Bank, commented on the partnership: “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 equip fintechs and startups with the necessary tools to innovate and grow. This alliance perfectly aligns with our vision to act as a catalyst for digital economic growth in the region, and we are excited to drive greater financial inclusion and accessibility through this strategic partnership.”
Navneet Dave, Managing Director & Co-Head of Processing Services – Middle East at Network International, added: “We are thrilled to partner with Zand Bank to transform the fintech landscape in the UAE. As the largest payment processor and acquirer in the region, Network has established long-standing relationships with leading financial institutions, merchants, and payment networks. Our experience and capabilities position us as the partner of choice for governments, banks, fintechs, merchants, and public sector companies. We look forward to collaborating with Zand Bank to achieve its objectives.”
Somu Roy, Managing Director, Processing - UAE at Network International, stated, “We are delighted to support Zand Bank in expanding 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 to its customers.”
This partnership underscores the commitment of both Network International and Zand Bank to fostering innovation and driving the digital transformation of financial services in the UAE. Together, they aim to position the UAE as a leading fintech hub in the region, promoting financial inclusion and supporting the growth of innovative startups.
