# Zand Bank: The UAE's First Fully Licensed Digital Bank for Corporate and Digital Assets > Zand Bank — the UAE's first fully licensed digital bank: corporate and VASP accounts, VARA-licensed custody, the Zand AED stablecoin and a BBB+ Fitch rating. Author: Алёна Дунаева — юрист, Family Office (https://wiki.private.law/authors/dunaeva) Last modified: 2026-07-02T21:22:00.000Z Canonical: https://wiki.private.law/en/zand-bank Topics: banking Jurisdictions: uae Functional tags: bank, crypto-friendly, corporate-banking Semantic tags: bank, crypto-friendly, corporate-banking Article type: child --- **Lawyer, Family Office** --- 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 > 🔗 **Related** > [Banks by jurisdiction](https://wiki.private.law/en/banks) · [Wio Bank](https://wiki.private.law/en/wio-bank) **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. > 🍓 Zand solved the most painful problem of the UAE crypto industry — a bank account for a VASP. A full CBUAE license, VARA-licensed custody, a central-bank-approved stablecoin and a BBB+ rating: a combination no one else in the region has. ## 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](https://wiki.private.law/en/wio-bank) 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: deposit protection without a fixed limit (the backstop is CBUAE supervision) and a short track record — the bank is three years old. 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. > 🍓 Zand is the banking infrastructure of the UAE's digital economy: VASP accounts, institutional custody, an AED stablecoin under central-bank oversight and a BBB+ rating. For a crypto business with a VARA license it is the default choice; for an ordinary SME, more likely the second bank alongside Wio or the classics. ## 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](https://wiki.private.law/en/wio-bank) 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. 📎 Need the full picture? Request our banks comparison file (thresholds, compliance, timelines by jurisdiction) via the form below — we email it the same day. ## Related topics - [Banks: Multi-Hub by Jurisdiction](https://wiki.private.law/en/banks) - [Wio Bank: Abu Dhabi's Digital Bank for SMEs and Personal Clients](https://wiki.private.law/en/wio-bank) - [Emirates NBD: UAE's Largest Bank and Gateway to Middle East Private Banking](https://wiki.private.law/en/emirates-nbd) - [FAB (First Abu Dhabi Bank): Largest UAE Bank by Assets and Government-Backed UHNW Banking](https://wiki.private.law/en/fab) - [Mashreq Bank: UAE's Oldest Private Bank (1967) and Digital Leader NEO](https://wiki.private.law/en/mashreq) - [ADCB (Abu Dhabi Commercial Bank): UAE's Third-Largest Bank and Privilege Club Premium Banking](https://wiki.private.law/en/adcb) *Prepared as an expert overview; not individual legal advice.* --- ## FAQ ### 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. 📎 Need the full picture? Request our banks comparison file (thresholds, compliance, timelines by jurisdiction) via the form below — we email it the same day. --- ## Factual claims - Lawyer, Family Office - 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. - 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.