Dubai, UAE, November 6, 2024 --Zand Bank, the first fully licensed all-digital bank in the United Arab Emirates, has announced its collaboration with Alibaba Cloud, digital technology and intelligence backbone of Alibaba Group and Ant Digital Technologies in the Middle East region through a signed MoU. Zand Bank empowers UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impact in the digital economy. The collaboration will focus on Generative AI use cases and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services.
From left to right: Leo Liu, Vice President of International Business, Alibaba Cloud Intelligence signed MoU with Michael Chan, CEO at Zand during a MoU signing ceremony
Michael Chan, CEO at Zand commented: "We are thrilled to collaborate with Alibaba Cloud and Ant Digital Technologies to accelerate the applications of Generative AI, Blockchain and Payment Technology. This partnership represents a step forward in our journey to use generative AI to build Zand Bank’s AI Agent platform to boost the productivity of customer support, compliance and coding. This collaboration supports our AI powered banking businesses and UAE’s Digital Economy Strategy to double the sector’s contribution to the nation’s GDP over the next decade."
Commenting on this collaboration, Eric Wan, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence said: “As digital technologies are reshaping how we live and work in the era of AI, we are thrilled to join hands with Zand Bank in accelerating the adoption of advanced digital technologies such as Generative AI, Blockchain, and cutting-edge payment solutions in the Middle East. As a leading cloud service provider, Alibaba Cloud is committed to supporting local businesses in the region on their digital transformation journey through our robust infrastructure and innovative solutions. Together with Zand Bank, we look forward to shaping a more digitally-enabled future in the Middle East."
Lily Peng, General Manager of International Business at Ant Digital Technologies, stated, "As our technology, products and business are going global, we are thrilled to collaborate with Zand Bank, a prominent banking group with extensive influence in the Middle East region. We will provide one-stop digital banking solutions, technology products such as mPaaS, ZOLOZ, and SOFA in close collaboration with Alibaba Cloud. Together with Zand Bank, we aim to explore the vast potential of the Middle East in the digital economy. "
Zand is a fully licensed bank by the Central Bank of UAE since July 2022. Our mission is to enable our UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive together positive impacts in the evolving digital economy. Think beyond banking; think Zand, where infinite opportunities await. For more information, please visit www.zand.ae. For media inquiries, please email: media@zand.ae
Ant Digital Technologies is the technology commercialization business division of the Ant Group, which started independent operation in April 2024. Ant Digital Technologies originated from AntChain and has the leading technologies and patents in the field of blockchain globally. It has continuously developed several commercialized product brands such as ZOLOZ, mPaaS, and ZAN, with representative technological capabilities and businesses that are always committed to helping enterprises better embrace the digital age.
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