Network International Joins Forces With Zand Bank To Elevate UAE's Fintech Scene

Network International (Network), a prominent player in digital commerce across the Middle East and Africa, has entered into a referral partnership with Zand, the UAE’s pioneering digital bank. This collaboration aims to bolster financial services for fintechs and startups in the region.

The partnership capitalises on Network’s proficiency in card processing to assist Zand in becoming a digital economic accelerator for fintechs. By enabling BIN Sponsorship opportunities, it will provide access to card schemes and advanced digital financial services for emerging fintechs.

A BIN sponsorship allows Zand to empower businesses and fintechs to perform multiple functions such as card issuance. This initiative is expected to significantly benefit new and growing fintech companies by providing them with essential tools for innovation and expansion.

Michael Chan, CEO of Zand Bank, remarked, "Our partnership with Network International marks a significant milestone in our journey to revolutionise the financial services landscape in the UAE. By leveraging Network’s extensive expertise in card processing, we can provide fintechs and startups with the tools they need to innovate and grow. This collaboration aligns perfectly with our vision to be a catalyst for digital economic growth in the region, and we look forward to driving greater financial inclusion and accessibility through this strategic alliance."

Navneet Dave, Managing Director & Co-Head of Processing Services – Middle East at Network International, expressed enthusiasm about the collaboration. "We are excited to partner with Zand to transform the fintech landscape in the UAE. As the largest payment processor and acquirer in the region, Network has built long-standing relationships with many of the leading financial institutions, merchants and payment networks. Our experience and capabilities allow us to be the partner of choice for governments, banks, fintechs, merchants and public sector companies. We look forward to working with Zand to realise its objectives."

Expanding Digital Footprint

Somu Roy, Managing Director of Processing - UAE at Network International, commented on their support for Zand's expansion efforts. "We are delighted to support Zand to expand their footprint in the UAE while empowering fintechs and startups. Network’s expertise will enhance the digital bank’s capabilities in delivering comprehensive financial services for its customers."

This partnership is set to introduce new opportunities for fintechs by providing them access to essential financial tools and services. The collaboration between Network International and Zand aims at fostering innovation within the financial sector of the UAE.

The alliance between these two entities is expected to drive significant advancements in digital banking services across the region. By combining their strengths, they aim to create a more inclusive financial ecosystem that supports growth and development for startups.

This strategic move highlights both organisations' commitment towards enhancing financial inclusion and accessibility within the UAE's rapidly evolving digital economy.

With inputs from WAM