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| The launch of the first independent digital banking platform in the UAE |
The first independent digital banking platform launched in the United Arab Emirates on Sunday and is a new bank that hopes to become a leader in the Middle East, Africa and South Asia.
Dubai-based YAP does not have a banking license of its own, but has entered into a partnership with RAK Bank, which provides YAP users with international bank accounts and protects their funds under their own banking license.
Like other direct banks that operate entirely online without a traditional physical branch network, YAP does not offer traditional banking services like loans and mortgages, but instead provides cost and budget analysis, interpersonal payments and transfers, and bill payments.
“YAP works with banks in other countries, including one in Saudi Arabia, Pakistan and Ghana,” said Product Manager Cateral Nada Hassan.
Like Revolut, the world's leading provider of digital banking services is one of the fastest growing applications in the world and does not have a branch in the UAE.
In recent years, a number of banks in the UAE have launched their own digital banking products for digital and youth users, including LIV from Emirates NBD and Mashreq Neo from Mashreq Bank.
Abu Dhabi government-owned ADQ Holdings announced last year that it plans to use the banking license of the country's largest bank, First Abu Dhabi Bank (FAB), to create an unnamed direct bank.
Marwan Hashem, CEO and Founder of YAP, said, “The fintech revolution is spreading to other parts of the world. We see the vacuum and the unique demand for this service in the Middle East.
“Fintech companies looking to expand into the UAE face challenges,” Hassan added.
She said: There are currently many fintech companies that want to work with banks, but it takes a lot of discussion and relationship, and this is not easy, and the founder of YAP has an existing relationship with RAKBANK.
Hassan said: YAP is in its early stages of financing, with funding from its founders, a private equity firm and private investors. More than 20,000 customers originally signed up and accounts will gradually start over the coming weeks.