Dubai’s fintech firm YAP has launched its first Digital banking services in United Arab Emirates.
YAP is a Neobank focused wholly on improving the digital banking experience. It functions as an independent app with no physical branches.
The firm does not provide any loans or mortgages like the traditional banks and it does not ask its customers to maintain a minimum balance, it offers a Virtual card with a card number, expiration date and CVV for secure online transactions.
The fintech firm does not have a banking licence because of which it has partnered with RAK Bank in UAE which helps in providing international bank account numbers for YAP users and secures their funds under its own banking licence.
And the partnered RAK bank will be able to provide BIN and IBAN sponsorship.
The users will have to complete a digital onboarding process, following which they get a bank account, a debit card and an app.
The Neobank is in the process of partnering with banks in other countries.
In Recent years, various banks in UAE like Mashreq Neo by Mashreq Bank and LIV by Emirates NBD has launched their own digital banking offerings targeting younger customers.
Abu Dhabi’s state owned holding company ADQ previous year said that it plans to set up an unnamed neobank using the banking licence of the country’s biggest lender, First Abu Dhabi Bank(FAB).
The chief Executive Officer of YAP Marwan Hachem said:
“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,”
“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.”
