The company for the issuance and processing of payment cards, Paymentology, announced a strategic partnership with the digital bank Zand aimed at expanding financial services offered to fintech companies and startups. This collaboration supports the UAE authorities' efforts towards developing a strong digital economy through a digital economy strategy aimed at increasing the sector's contribution to GDP by 19.4% over the next 10 years.
Paymentology and Zand will work on providing specialized services to fintech companies in the UAE, including services related to banking identification numbers (BIN), virtual international banking numbers (IBAN), and client accounts. By eliminating barriers with new fintech service providers in the market and accelerating the pace of financial innovations, this partnership will help create an effective and complex financial system, focusing more actively on innovations and attracting a larger number of clients.
"Supporting collaboration contributes to the development of fintech and accelerates its expansion, shaping the future of financial services in the UAE for providing innovative solutions," noted Maikel Chan, the executive director of Zand. "Partnership with Zand strengthens our obligation to provide infrastructure for the next generation, necessary for fintech companies to achieve success in the UAE," added Nauman Hasan, Regional Director of Paymentology for the countries of the Middle East and Northern Africa.
