Zand Bank, the first fully licensed all-digital bank in the United Arab Emirates, has announced its collaboration with Alibaba Cloud, digital technology and intelligence backbone of Alibaba Group and Ant Digital Technologies in the Middle East region through a signed MoU.
Zand Bank empowers UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impact in the digital economy. The collaboration will focus on Generative AI use cases and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services, according to a press communique.
Collaboration
“This collaboration supports our AI powered banking businesses and UAE’s Digital Economy Strategy to double the sector’s contribution to the nation’s GDP over the next decade,” observed Michael Chan, CEO, Zand.
“As a leading cloud service provider, Alibaba Cloud is committed to supporting local businesses in the region on their digital transformation journey through our robust infrastructure and innovative solutions. Together with Zand Bank, we look forward to shaping a more digitally enabled future in the Middle East,” commented Eric Wan, General Manager, Middle East, Turkey and Africa, Alibaba Cloud Intelligence.
“As our technology, products and business are going global, we are thrilled to collaborate with Zand Bank, a prominent banking group with extensive influence in the Middle East region,” remarked Lily Peng, General Manager, International Business, Ant Digital Technologies.
