Neobank YAP Debuts as the First Independent Digital Banking Platform in the UAE8. March 2021
Dubai-based neobank YAP has launched as the first independent digital banking platform in the UAE according to Reuters.
YAP said that more than 20,000 customers have pre-registered and the accounts will gradually go live in coming weeks.
YAP has not independently secured its own banking license but has instead partnered with RAKBANK which will provide international bank account numbers for the neobank users and secure their funds under its own banking license.
As part of its digital banking offerings, YAP will be offering services such as spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.
YAP will not be offering traditional banking services like loans and mortgages at the moment.
According to YAP, it will be seeking partnerships with several banks in other countries such as Saudi, Pakistan and Ghana.
“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.
There are a lot of fintechs right now looking at partnering with banks, but that requires a lot of discussion, relationship building … It is not an easy thing to do,”
said Marwan Hachem, CEO of YAP.
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