Mastercard and Zand Partner to Enhance Cross-Border Payment Solutions in UAE

Mastercard has entered into a partnership with Zand, a UAE-based fintech and financial services group, to enhance cross-border payment solutions using Mastercard Move's comprehensive suite of money movement capabilities. This collaboration aims to facilitate seamless, secure, and efficient cross-border money transfers for Zand's customers, utilizing Mastercard Move's advanced transaction processing capabilities. This initiative underscores both entities' commitment to advancing the digital economy and expanding financial inclusion within the region's financial landscape.

The initial phase of this partnership will enable Zand to offer various payment services, including deposits into bank accounts and mobile wallets across multiple markets. Additionally, Zand will provide convenient cash pick-up services, leveraging Mastercard's extensive global network of cash pickup locations. This strategic move aims to simplify international transactions, making them more accessible and secure for both individual and business clients.

J.K. Khalil, Executive Vice President and Division President, East Arabia at Mastercard, expressed enthusiasm about this collaboration, highlighting Mastercard's dedication to promoting innovation within the region's payment environment. He affirmed that this partnership with Zand would connect more people and businesses to the financial system, thereby fostering greater financial inclusion and economic opportunities throughout the UAE and adjoining regions.

Michael Chan, CEO of Zand, shared similar sentiments, emphasizing the significance of this partnership as a major milestone in Zand's mission to accelerate the digital economy's growth. He noted the rapid evolution of the payments ecosystem in the region and its potential to harness advancements in AI, blockchain, and payment technology. Chan expressed excitement about working with Mastercard to pave the future of cross-border payments.

Mastercard Move's services, integrated into this partnership, support various payment flows such as person-to-person (P2P) transfers, business payments, and disbursements, offering different payout options including cards, bank accounts, and mobile wallets. There's also a focus on serving unbanked and underbanked populations through cash payouts via the global network.

Licensed by the Central Bank of the UAE and holding a BBB+ investment grade rating from Fitch Ratings, Zand combines the agility of a fintech with the security of a fully licensed bank. The finance group leverages cutting-edge technologies like AI and blockchain to bridge the gap between traditional finance and decentralized finance, targeting corporate, institutional, fintech, and wealth clients.

This partnership with Mastercard aligns with Zand's strategy to expand its capabilities in the burgeoning digital payments market. The enhanced payment services are set to be rolled out initially in the UAE, with plans to extend reach and accessibility across more markets subsequently. By focusing on driving innovation and financial inclusion, both Mastercard and Zand are positioning themselves as key players in the evolution of the digital payments landscape.