Abu Dhabi Global Market (ADGM) and Zand Bank, the UAE’s first all-digital bank licensed by the UAE Central Bank, have inked a memorandum of understanding (MoU). The agreement will focus on offering preferential banking services for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations.
Zand Bank will be the sixth bank that ADGM has partnered with in addition to other prominent banks operating in Abu Dhabi and across the UAE.
As per the agreement, ADGM and Zand Bank will also support the placement of Emiratis and offer finance training programs, SME financing platforms, a FinTech sandbox, and corporate innovation programs.
“SMEs exist as one of the main pillars of economic diversification in the UAE and Abu Dhabi. They are important contributors to ADGM’s vibrant ecosystem,” Dhaher Al Mheiri, chief executive of ADGM, said.
“Enabling digital financial services through Zand bank in both the retail and corporate space for these SMEs is a testament to our continued efforts to support their growth and expansion in the global financial hub,” Al Mheiri added.
ADGM has been welcoming more companies amid the government’s business-friendly policies, Al Mheiri said in November 2022.
More than 1,000 companies established operations within the center in the first six months of last year.
According to Al Mheiri, there are over 5,400 companies registered and licensed at the ADGM, with the number expected to grow.
The partnership will also seek to establish an ecosystem of FinTech partners.
“As Abu Dhabi’s international financial center, ADGM is home to a diverse range of businesses, all of which are looking to grow and expand their footprint in the region,” said Michael Chan, CEO of Zand Bank.