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Digital bank Zand receives UAE banking license

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Emirati digital banking startup Zand, which provides retail and corporate services, said on Tuesday it had been granted a banking license from the Central Bank of the United Arab Emirates.

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The license, which authorizes and regulates Zand to operate as a fully independent bank, was awarded on June 30, Chief Executive and co-founder Olivier Crespin said in a statement.

A growing number of digital banks are starting up in the UAE.

Dubai-based YAP, which says it has signed up over 130,000 users, on Monday said it had raised $41 million and would seek roughly $20 million in additional funding as it expands into new markets.

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