Zand Bank ,a fully licensed all-digital bank in the United Arab Emirates, has announced its collaboration with Alibaba Cloud and Ant Digital Technologies in the Middle East region through a signed MoU.

The collaboration will focus on Generative AI use cases and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services.

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.”

Featured image credit: 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