A strategic partnership to expand financial services and technology in the UAE

Paymentology, which specializes in issuing and processing payment cards, announced the conclusion of a strategic referral partnership with Zand Digital Bank, with the aim of expanding the scope of financial services provided to financial technology companies and startups. The partnership is in line with the efforts of the UAE government aimed at building a strong digital economy from During the launch of the digital economy strategy, which aims to double the sector’s contribution to the country’s gross domestic product to 19.4% over the next 10 years.
Paymentology and Zand will work to empower financial technology companies in the UAE by providing them with a range of specialized services, including Bank Identification Number (BIN) care services, virtual International Bank Account Numbers (IBAN), and customer money accounts.
By reducing barriers to entry for new financial technology service providers and accelerating the pace of financial innovation, this partnership will contribute to creating a comprehensive and efficient financial system that enables it to focus more on innovation and attract more customers.
Michael Chan, CEO of Zand, said: “The partnership stimulates the adoption of financial technology, accelerates the pace of its spread, and shapes the future of financial services in the UAE by providing innovative solutions.”
Noman Hassan, Regional Director for the Middle East and North Africa at Paymentology, said: “The partnership with Zand Bank reinforces the commitment to providing the necessary next-generation infrastructure that financial technology companies require to succeed in the UAE.”