- The agreement will provide businesses with preferential banking services including efficient bank account opening for ADGM-licensed entities, including technology SMEs, Digital Assets companies, funds, and corporations
Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and Zand Bank PJSC, the UAE’s first all-digital bank licensed by the UAE Central Bank, have signed a Memorandum of Understanding (MoU) to support UAE SMEs and provide preferential banking services.
The agreement will focus on providing preferential banking services including efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations. The collaboration aims to empower the ADGM community and SMEs incorporated in ADGM by offering a curated value proposition for those, including access to SMEsouk, Zand’s digital platform for SMEs. ADGM and Zand Bank will work together on developing a capacity-building programme to improve knowledge exchange between employees and potential clients through educational sessions across sectors and stakeholders, networking, and training.
As per the agreement, ADGM will work together with Zand Bank to drive UAE national work placements and offer tailored finance training programmes, SME financing platforms, a Fintech sandbox, and corporate innovation programmes. The ADGM community will be supported by dedicated client managers during the client onboarding and engagement process. Additionally, the partnership will enable awareness of the Fintech opportunities and initiatives in Abu Dhabi and develop an ecosystem of Fintech partners.
Zand Bank was built to change the way the UAE banks, leveraging the power of advanced data capabilities, an agile operating model, and cutting-edge technologies to simultaneously simplify and upgrade the customer experience. In alignment with the UAE’s digital agenda, Zand Bank is determined to become the gateway to the markets of the wider region.
ADGM will support Zand Bank in its business development efforts and the penetration of the largest 100 ADGM-incorporated entities through investment banking services. Through the agreement, Zand Bank will allocate a help desk to serve the needs of the employees of ADGM, and ADGM-incorporated entities. The help desk will serve as the initial point of contact for all employee banking needs, including providing information, responding to inquiries, receiving complaints, and introducing employees who are interested in Zand’s diverse offerings.
Commenting on this partnership, Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to partner with Zand Bank to collaborate on mutually beneficial initiatives and empower ADGM’s community with dedicated banking services. SMEs exist as one of the main pillars of economic diversification in the UAE and Abu Dhabi. They are important contributors to ADGM’s vibrant ecosystem. Enabling digital financial services through Zand bank in both the retail and corporate space for these SMEs is a testament to our continued efforts to support their growth and expansion in the global financial hub. We look forward to witnessing the long-term growth this impactful partnership presents to the ADGM community and the SMEs of the UAE.”
Commenting on the announcement, Michael Chan, CEO at Zand Bank said: “We are delighted to partner with ADGM to support technology SMEs and start-ups across the UAE. As the international financial centre in Abu Dhabi, ADGM houses a number of diverse businesses, all looking to grow and expand their footprint in the region. We strive to financially empower these businesses in the ADGM community, through our innovative, customer-centric and superior digital banking offerings.”
Zand Bank will be the sixth bank that ADGM has partnered with in addition to many other prominent banks operating in the capital city and the UAE.
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About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island which is designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse and progressively governed financial hubs.
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
For media queries please contact:
Simon Hailes
Head of Middle East
Edelman Smithfield
E: simon.hailes@edelmansmithfield.com
Hajer Altenaiji
Head of Corporate Communications, ADGM
E: media@adgm.com
About Zand
Licensed by the Central Bank of the UAE in July 2022, Zand brings a superior banking experience designed for the digital age to individuals and businesses. A digital bank chaired by HE Mohamed Alabbar, Zand was built to change the way the UAE banks, leveraging the power of advanced data capabilities, an agile operating model, and cutting-edge technologies to simultaneously simplify and upgrade the customer experience. Zand adopts a distinctive approach to banking, implementing global best practices to safeguard a secure financial future for customers. The digital bank is also committed to advancing financial culture within communities and contributing to the UAE and the region’s rapidly accelerating digital economy. Visit www.zand.ae for more information or follow us on LinkedIn.