The first independent digital banking platform in the country was launched on Sunday The United Arab Emirates, It is a new bank that it hopes to become a leader in the Middle East, Africa and South Asia.
And do not have YAP Dubai-based is a banking license in its own right, but it has partnered with RAK Bank that provides international bank account numbers to YAP users and secures their money under its own banking license.
YAP, like other direct banks that operate exclusively online without traditional physical branch networks, does not offer traditional banking services such as loans and mortgages, but it does provide spending and budget analyzes, peer-to-peer payments and transfers, and bill payments.
Chief Product Officer (Katral-Nada Hassan) said: YAP is in the process of partnering with banks in other countries, including one in Saudi Arabia, Pakistan and Ghana.
World leaders in digital banking, such as Revolut, one of the fastest growing applications in the world, do not have a presence in the United Arab Emirates.
In recent years, some UAE banks have launched their digital private banking offerings targeting digital and young users, such as LIV from Emirates NBD and Mashreq Neo from Mashreq Bank.
Abu Dhabi government-owned ADQ Holdings said last year that it plans to establish an unnamed direct bank using the banking license of the country’s largest bank, First Abu Dhabi Bank (FAB).
Marwan Hachem, CEO and Founder of YAP, said: “The fintech revolution has become very common in other parts of the world and we have seen a gap and a unique need for this service in the Middle East.
Hassan added: There are challenges facing fintech companies looking to expand in the UAE.
She said: There are a lot of fintech companies at the moment looking to partner with banks, but this requires a lot of discussion and building relationships, which is not easy, and the founders of YAP have an existing relationship with RAKBANK.
Hassan said: YAP is in the initial financing stage, with funding from founders, a private equity company and private investors, adding that more than 20,000 clients have registered initially and accounts will gradually start in the coming weeks.