Network International Enters Referral Partnership with Zand Bank

Network International, a leading enabler of digital commerce across the Middle East and Africa, has embarked on a strategic partnership with Zand, the UAE's first digital bank. This collaboration is poised to significantly enhance and expand the financial services available to fintechs and startups throughout the region, marking a crucial advancement in the UAE's rapidly evolving digital financial ecosystem.

The partnership draws on Network International's deep expertise in card processing to support Zand’s overarching objective of positioning itself as a digital economic accelerator for fintechs. A central aspect of this collaboration is the introduction of Bank Identification Number (BIN) Sponsorship opportunities. BIN Sponsorship plays a critical role in the financial ecosystem by allowing fintechs and startups to gain access to essential card schemes and advanced digital financial services. Through this initiative, Zand will empower these emerging companies to perform a wide array of financial functions, including the issuance of their own branded payment cards. This capability is particularly vital for fintechs, as it enables them to offer end-to-end financial services that can meet the increasingly sophisticated demands of consumers.

This partnership arrives at a pivotal moment, as consumer interest in complex financial products is on the rise. The demand for comprehensive financial services, particularly those that provide seamless, end-to-end experiences, is driving fintechs to innovate and deliver solutions that are both advanced and accessible. The UAE has established itself as the most active fintech hub within the MENA region, boasting a 51% share of the region's investment deals in fintech as of the first quarter of 2023. This leadership is not coincidental; it is the result of concerted efforts by the UAE government to foster a robust fintech ecosystem. The government’s emphasis on innovation and collaboration has created an environment where fintechs can thrive, attract investment, and contribute to the broader economic landscape.

Michael Chan, CEO of Zand Bank, highlighted the strategic importance of this partnership, stating: "Our partnership with Network International marks a significant milestone in our journey to revolutionize the financial services landscape in the UAE. By leveraging Network’s extensive expertise in card processing, we can provide fintechs and startups with the tools they need to innovate and grow. This collaboration aligns perfectly with our vision to be a catalyst for digital economic growth in the region, and we look forward to driving greater financial inclusion and accessibility through this strategic alliance." Chan's statement underscores Zand’s commitment to not only advancing its own capabilities but also to fostering an environment where fintechs can scale and succeed.

Navneet Dave, Managing Director and Co-Head of Processing Services for the Middle East at Network International, echoed this sentiment, expressing excitement about the potential of the partnership to reshape the fintech landscape in the UAE. "We are excited to partner with Zand to transform the fintech landscape in the UAE. As the largest payment processor and acquirer in the region, Network has built long-standing relationships with many of the leading financial institutions, merchants, and payment networks. Our experience and capabilities allow us to be the partner of choice for governments, banks, fintechs, merchants, and public sector companies. We look forward to working with Zand to realize its objectives," said Dave. His remarks reflect the strategic depth of Network International's role in the region and its ability to bring significant value to partnerships aimed at driving financial innovation.

Additionally, Somu Roy, Managing Director of Processing for the UAE at Network International, remarked on the importance of supporting Zand’s expansion within the UAE. "We are delighted to support Zand to expand their footprint in the UAE while empowering fintechs and startups. Network’s expertise will enhance the digital bank’s capabilities in delivering comprehensive financial services for its customers," Roy said. His comments emphasize Network International’s commitment to using its expertise to bolster Zand’s initiatives, thereby enhancing the overall financial services landscape in the region.

In conclusion, the partnership between Network International and Zand represents a significant leap forward for fintechs and startups in the UAE. By combining Zand's innovative approach to digital banking with Network International's extensive experience in payment processing, this collaboration is set to create a more inclusive and accessible financial ecosystem. It will enable fintechs and startups to offer advanced financial products and services that are tailored to the needs of the local market, ultimately driving greater financial inclusion and economic growth across the region.