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UAE-based AI-powered fintech and financial services group Zand has signed a strategic agreement with Mastercard to enhance cross-border payment solutions using Mastercard Move’s money movement technology.
The partnership will enable Zand to offer seamless, secure and efficient cross-border money transfers to its customers.
In the first phase, Zand will provide deposits into bank accounts and wallets in multiple markets, along with cash pick-up services through Mastercard Move’s capabilities.
The collaboration is aimed at advancing the digital economy, driving innovation and expanding financial inclusion in the region’s financial services sector.
Zand-Mastercard collab to build financial inclusion
“At Mastercard, we are committed to driving innovation across the region’s payments landscape,” said J K Khalil, EVP and division president, East Arabia, Mastercard. “Our collaboration with Zand will connect more people and businesses to the financial system, helping drive greater financial inclusion and economic opportunity in the UAE and across the region.”
Michael Chan, CEO at Zand, said the partnership marked a “significant milestone” in the company’s mission to accelerate the digital economy. “The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain and payments technology,” he said.
Mastercard Move offers fast, secure and efficient fund transfers for a range of payment flows including person-to-person, business payments and disbursements.
Payout options include cards, bank accounts, mobile wallets and cash, with cash payouts available through Mastercard’s global network of pickup locations to serve unbanked and underbanked populations.
