Paymentology Partners with Zand Bank to Accelerate Fintech Growth in UAE

On November 12, 2024, Paymentology and Zand Bank announced a strategic referral partnership designed to accelerate fintech innovation in the UAE. The collaboration provides fintechs and startups with access to BIN-sponsorship, virtual IBANs, and Client Money Accounts, enabling them to launch and scale financial services more rapidly. Zand Bank, the UAE's first fully licensed all-digital bank since 2022, contributes the regulatory and banking infrastructure necessary for fintech operations.

Paymentology brings its next-generation issuer processing platform to lower barriers to entry for emerging financial technology companies. The partnership aligns with the UAE Digital Economy Strategy, which aims to double the digital sector's GDP contribution from 9.7% to 19.4% over the next decade. Michael Chan, CEO of Zand Bank, highlighted the BIN-sponsorship program as a key accelerator for fintech solutions in the region.

Nauman Hassan, Paymentology's Regional Director for MENA, emphasized the delivery of next-generation infrastructure for fintech success. No specific financial terms of the partnership were disclosed.