A VARA-licensed crypto company looking for a bank account in the UAE — until recently that sounded almost like an oxymoron. Zand turned it into a product. The UAE's first fully licensed all-digital bank, chaired by Emaar founder Mohamed Alabbar, has become the banking address of the Emirates' digital economy: VASP accounts, VARA-licensed custody and the first regulated AED stablecoin.
Who they are and the license
Zand Bank PJSC received a full CBUAE banking license in July 2022 — the UAE's first digital bank built as a licensed bank from day one rather than an app on someone else's balance sheet. The chairman is Mohamed Alabbar, founder of Emaar; the CEO is Michael Chan. Headquartered in Dubai, fully digital, no branches.
Youth has not hurt the rating: in June 2025 Fitch assigned Zand BBB+ (investment grade, Stable outlook) — one of the youngest banks in the world at that tier. The bank is ISO 27001 and 27701 certified, including Web3 services — a regional first. The focus is corporate, institutional, SME and wealth; there is a retail license too, but the center of gravity is business.
Products and programs
- Corporate banking. Accounts for UAE companies — mainland and free zone — with fully digital onboarding (e-signature, digital KYC), API banking, treasury and financing.
- Accounts for the crypto industry. Zand is one of the few UAE banks systematically opening accounts for VASPs holding VARA licenses — de facto the default banking address of Dubai's crypto ecosystem.
- Digital asset custody. Since December 2024 the bank holds a VARA license for custody services — the first UAE bank with institutional-grade crypto custody under a banking roof (for institutional and qualified investors); the technology partner is Taurus.
- Zand AED. In November 2025 the bank launched the first regulated AED-backed stablecoin on public blockchains — approved by the CBUAE, issued by subsidiary Zand Trust, 1:1 reserves in segregated UAE accounts, multi-chain issuance, audited smart contracts.
Who gets in
The client profile is corporate: UAE companies, institutions, funds, fintechs and licensed VASPs. Non-resident beneficial owners are acceptable when the entity itself is in the UAE and the substance is legible; expect scrutiny of source of funds, the sanctions profile and the business model — and, for crypto companies, the license (VARA in Dubai or the relevant regime). A resident individual is better served by Wio or a classic bank — retail is not Zand's focus.
Onboarding
Corporate onboarding is remote: e-signature, digital KYC, no branch visits — there are no branches. VASPs and multi-layer structures face enhanced due diligence: longer timelines and a deeper document pack — licenses, flow of funds, AML policy. A company with a transparent structure moves fast; a crypto business takes longer — but it gets through, which in the UAE is a result in itself.
Risks and what to factor in
The classic pair of UAE digital-bank risks: the absence of a depositor guarantee and a short track record — the bank is four years old. No UAE bank has a deposit insurance scheme with a published coverage limit: Federal Decree-Law No. 6 of 2025 has been in force since 16 September 2025 and its Article 151 permits the Central Bank to establish a depositor protection fund and issue regulations setting the scope of coverage, but that is a power rather than a duty and no scheme has been launched; the one-year transition to 16 September 2026 under Article 184 concerns the banks' own compliance, not the arrival of a guarantee. The backstop is CBUAE supervision and the bank's own resilience. Fitch's BBB+ and the Alabbar-led shareholder consortium soften that, but do not cancel it.
Zand's specific feature is concentration in digital assets: the bank benefits from the crypto cycle and the UAE's regulatory clarity — and is exposed to both. The rulebook moves fast: stablecoins in the UAE live under the central bank's Payment Token Services Regulation, and the regime will keep being refined. For VASP clients this means the bank is demanding on compliance precisely because its own model depends on the segment staying clean.
Q/A
Is Zand a crypto bank?
No — it is a CBUAE-licensed bank with crypto infrastructure on top: VASP accounts, VARA-licensed custody, the Zand AED stablecoin. The base is ordinary corporate banking.
Can a non-resident open an account at Zand?
Retail — no. Corporate — yes, if the company is registered in the UAE: non-resident owners are acceptable with legible substance and documented source of funds.
What is Zand AED?
The first regulated dirham-pegged stablecoin on public blockchains: approved by the CBUAE, issued by Zand Trust in November 2025, with 1:1 reserves in segregated UAE accounts.
Zand or Wio?
Different jobs. Wio is the resident's and SME's operating bank with minutes-long onboarding. Zand is the corporate bank of the digital economy: VASPs, custody, tokenization. Crypto business — Zand; day-to-day operations — Wio.