UAE’s first independent digital banking platform launched
Updated: Mar 11, 2021
On March 7 YAP, the leading fintech revolutionizing the digital banking experience in the Middle East, Africa and South Asia, launched the first independent digital banking platform in the United Arab Emirates. This is an important step as the UAE and the region are pioneering more fintech solutions and fintech is estimated to be one of the industries at the heart of the new economic relationships that will grow out of the Abraham Accords.
“We set out with the goal of creating an app that made digital banking enjoyable and easy for consumers and we’ve received an enthusiastic response. The fintech revolution has become very popular in other parts of the world and we saw a gap and unique need for this service in the Middle East,” said YAP CEO and founder Marwan Hachem.
According to details from the launch, after completing a digital onboarding process, members get a bank account, a YAP Mastercard Debit Card and an app with a simple digital user interface that provides a 360-degree view of a consumer’s spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. YAP has partnered with RAK Bank in the UAE to provide IBAN and BIN sponsorship.
“It’s been so gratifying to see tens of thousands of people interested in the app before we officially launched which has validated our view that YAP will be widely accepted in this region," Hachem said.
More details from the press release are below:
The app was designed with the latest innovative technology in fintech to make banking easy and more accessible to consumers. With no minimum balance required and a host of money and financial service tools, the app is designed to change the way people bank in the region. The app also offers a virtual card with unique security features such as a unique card number, a unique CVV, and an expiration date for secure online shopping.
Focused on the belief that hassle-free banking will lead to better financial literacy, YAP offers an extensive database of resources for users so that one can go from financially inexperienced to an expert money manager. Through a digital suite of instruments such as analytics and budgeting tools, bill splitting, consolidating and automating utility bill payments, and receiving reminders for payments due, one can take the reins on controlling one’s finances all at the touch of a button.
The company said that more than 20,000 consumers had already pre-registered to use the app, and that several hundred early adopter accounts would go live in each of the next few weeks.
YAP is redefining the banking experience in the Middle East, Africa and South Asia by creating a smarter and faster way to bank. As the first independent digital banking application to launch in the region, the app offers hassle-free banking with a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchase, virtual cards and more. With an extensive database of resources at their fingertips, users can go from financially inexperienced to expert money managers. YAP partners with banking partners in various regions to provide IBAN and BIN sponsorship for users. YAP’s application is available on iOS and Android. For more information, please visit: https://www.yap.com/.
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