DUBAI: The first impartial virtual banking platform withinside the United Arab Emirates released on Sunday, a neobank hoping to end up a pacesetter withinside the Middle East, Africa and South Asia.
Dubai-primarily based totally YAP does now no longer have a banking licence itself however has partnered with RAK Bank which presents worldwide financial institution account numbers for YAP customers and secures their budget beneathneath its very own banking licence.
YAP, like different neobanks which do now no longer have bodily branches, does now no longer provide conventional banking offerings like loans and mortgages, however gives spending and budgeting analytics, peer-to-peer bills and remittances offerings and invoice bills.
YAP is withinside the procedure of partnering with banks in different countries, head of product Katral-Nada Hassan stated, inclusive of a financial institution in Saudi, in Pakistan and in Ghana.
Global leaders in virtual banking, inclusive of Revolut, one of the world’s fastest-developing apps, do now no longer have a UAE presence.
Some UAE banks have in current years released their very own virtual banking services focused at digitally-savvy and more youthful customers, inclusive of LIV with the aid of using Emirates NBD and Mashreq Neo with the aid of using Mashreq Bank.
Abu Dhabi state-owned preserving business enterprise ADQ final yr stated it plans to installation an as-but unnamed neobank the usage of a banking licence of the country’s largest lender, First Abu Dhabi Bank (FAB).
“The fintech revolution has end up very famous in different components of the sector and we noticed an opening and particular want for this provider withinside the Middle East,” stated YAP CEO and founder Marwan Hachem
Hassan stated there are demanding situations for fintechs seeking to amplify to the UAE.
“There are a number of fintechs proper now searching at partnering with banks, however that calls for a number of discussion, dating building … It isn’t always an smooth issue to do,” she stated, including YAP’s founders had an present dating with RAK Bank.
YAP is at seed investment stage, funded with the aid of using founders, a personal fairness corporation and personal investors, Hassan stated, including that extra than 20,000 clients have pre-registered and money owed will progressively move stay in coming weeks.
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