← Embedded Finance Index 2026

Zand Bank

Also a provider — view Zand Bank’s profile →

“Can a fully licensed UAE digital bank become the financial infrastructure layer — spanning fiat banking, card issuing, digital asset custody, and stablecoin rails — for fintechs, corporates, and virtual asset providers in the Gulf?”

Founded2018
HQDubai, UAE
Latest roundEarly Stage VC
IndustryBank / National
The story

Founded in 2018 as a digital banking venture under Eradah Capital LLC, Zand secured a full UAE banking licence in 2022 and positioned itself as the country's first all-digital bank. The bank quickly pivoted beyond conventional corporate banking to embrace blockchain and digital assets — launching institutional custody, a regulated AED-backed stablecoin (AEDZ via Zand Trust), and ZandMint for stablecoin delivery to blockchain wallets. The embedded finance angle centres on its API-first banking platform (Virtual IBANs, real-time payments, automated reconciliation) marketed to fintechs and corporates, and its partnership with Paymentology for card issuing and BIN sponsorship — effectively positioning Zand as a sponsor bank and infrastructure layer for the UAE's digital economy.

Last 12 months
2026-04
2026
Product timeline
2018
Zand (Eradah Capital LLC) founded to build a digital-first bank in the UAE.· banking
2022
Received full banking licence from the Central Bank of the UAE, becoming the first fully licensed all-digital bank in the country.· banking
2023
Launched digital asset custody services as the first UAE bank to offer institutional-grade custody under its banking licence.· banking
2025
Established Zand Trust as a wholly-owned subsidiary and launched AEDZ (Zand AED), the UAE's first regulated AED-backed stablecoin on public blockchains.· banking
2025
Achieved ISO 27001 and ISO 27701 certifications, the first bank in the Middle East with coverage extending to Web3 services.· banking
2026
Achieved SOC 2 Type II attestation covering Web3, digital asset infrastructure, and escrow services — a banking industry first.· banking
2026
Fitch Ratings assigned investment-grade BBB+ Outlook Stable rating to Zand Bank.· banking
Regulated entities
1
regulatory licence held by Zand Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Zand Bank was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Zand5 layers →
The stack
6 layers disclosed in Zand Bank’s embedded-finance stack
Payments / PSP
ZandPay (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: significant
6 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.