The first independent digital banking platform launched on Sunday, a neobank wanting become a leader in the Middle East, Africa and South Asia.
Dubai-based YAP doesn’t have a financial permit itself yet has cooperated with RAK Bank which gives international bank account numbers to YAP clients and gets their assets under its own financial permit.
YAP, as other neobanks which don’t have actual branches, doesn’t offer conventional financial administrations like credits and home loans, however offers spending and budgeting analytics, shared installments and remittance services and bill payments.
YAP is currently partnering with banks in different nations, head of products Katral-Nothing Hassan said, including a bank in Saudi, Pakistan and Ghana.
Global leaders in digital banking, like Revolut, one of the world’s quickest developing applications, don’t have a UAE presence.
Some UAE banks have launched their own computerized banking contributions focused on digitally-savvy and younger users, like LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.
Abu Dhabi state-owned holding organization ADQ a year ago said it intends to set up an at this point anonymous neobank, utilizing a financial permit of the country’s greatest moneylender, First Abu Dhabi Bank (FAB).
“The fintech revolution has gotten famous in different parts of the world and we saw a gap and extraordinary need for this service in the Middle East,” said YAP President and originator Marwan Hachem
Hassan said there are difficulties for fintechs hoping to extend to the UAE.
“There are lots of fintechs currently looking at partnering together with banks, yet that requires a lot of conversation, relationship building … It’s anything but something simple to do,” she said, adding YAP’s founders had a current relationship with RAK Bank.
YAP is at seed financing stage, supported by founders, a private equity firm and private financial investors, Hassan said, adding that in excess of 20,000 clients have pre-enrolled and records will gradually go live in coming weeks.
