UAE launches its first independent digital banking platform

Komal FatimaWeb Editor

07th Mar, 2021. 02:15 pm
UAE launches its first independent digital banking platform

UAE residents will now enjoy the first independent digital banking platform as it has been launched on Sunday.

UAE’s YAP bank has partnered with RAK bank that offers international bank account numbers for YAP users and funds are protected under RAK’s own banking license.

Dubai-based neobank YAP offers spending and budgeting analytics, peer-to-peer payments, bill payments as well as remittances services.

According to the international news agency, users can enjoy a bank account, a YAP Mastercard Debit Card, and an application. YAP app offers a virtual card with amazing security features including a unique card number, a unique CVV, and an expiration date to monitor online billings and shopping.

AP’s head of product experience and innovation Katral-Nada Hassan told an international news agency, “YAP’s unique value proposition is the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets,”

In the UAE YAP is launching a product specific to young people called YAP Young, where parents can create accounts for their children to teach them about financial literacy through spending, earnings, and savings via their own YAP account. YAP is also launching YAP Household, a product that allows members to create an account for their household help, where they can deposit salaries and money for household expenses directly to their household help’s own YAP account. These product features are unique to the market and we believe will not only help meet unmet needs for everyday residents of the UAE but also target the underserved communities too.” 

“In the past two months of our waiting list going live, we have already over 25,000 interested applicants on our waiting list. We believe this number will multiply as we increase our marketing efforts, and as more and more people start using YAP and sharing us with their family and friends.” 

Hassan further said about the technology, “Fintechs have encouraged retail banking to focus on user experience at every point in the customer journey. Banks can no longer commit to the status quo or the regular business protocols they are used to.” 

“They are now beginning to question and look at how they too can provide the best customer experience. Many banks are going through massive digital transformations and hiring digital-savvy tech people to join their banks. This shift in the way banks are doing business has been accelerated by the fintech movement worldwide.” 

Apart from that, YAP aims to expand its business beyond the UAE. Hassan said, “YAP aims to become the leading digital banking application of the region. We have our sights set on many neighboring countries and are already accelerating our efforts for the new countries we plan to open before the end of the year, one being Pakistan and the other Ghana.”

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