Network International , a provider of digital commerce solutions in the Middle East and Africa has entered into a referral partnership with digital bank Zand . Through this collaboration, the two companies aim to enhance financial services for fintechs and startups in the region.

The partnership focuses on leveraging Network International's card processing capabilities to support Zand's goal of acting as a digital economic catalyst for fintechs. A significant component of this initiative is BIN Sponsorship, which will facilitate access to card schemes and advanced digital financial services for emerging fintechs. In essence, through BIN Sponsorship, Zand will gain the ability to enable businesses and fintechs to issue cards and perform various financial functions.

The growing role of fintech in the UAE According to the official press release, consumer interest in comprehensive financial products, including end-to-end services, continues to rise, making fintech solutions increasingly relevant. The same source reveals that the UAE is currently the most active fintech market in the MENA region, accounting for 51% of investment deals in the first quarter of 2023. The UAE government has been a strong proponent of developing a fintech ecosystem centred around innovation and collaboration.

Representatives from Zand Bank highlighted the significance of the partnership, noting that by leveraging Network International's expertise in card processing, Zand aims to provide fintechs and startups with essential tools for innovation and growth. They also emphasised that this collaboration aligns with Zand's vision of driving digital economic growth in the region. In turn, representatives from Network International expressed enthusiasm for the partnership, citing Network's extensive experience and relationships within the region's financial sector.

They also brought up the company's commitment to supporting Zand in achieving its objectives. Network International officials further added that the collaboration would help Zand expand its presence in the UAE while empowering fintechs and startups with enhanced digital financial services. .