YAP has launched the first independent digital banking platform in the United Arab Emirates (UAE). After completing a digital onboarding process, members get a bank account, a YAP Mastercard Debit Card and an app with a digital user interface that provides a 360-degree view of a consumer’s spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. YAP has partnered with RAK Bank in the UAE to provide IBAN and BIN sponsorship.
The app was designed with fintech to make banking easier and more accessible to consumers. With no minimum balance required and a host of money and financial service tools, the app is designed to change the way people bank in the region. The app also offers a virtual card with unique security features such as a unique card number, a unique CVV, and an expiration date for secure online shopping.
The company said that more than 20,000 consumers had already pre-registered to use the app, and that several hundred early adopter accounts would go live in each of the next few weeks.
“We set out with the goal of creating an app that made digital banking enjoyable and easy for consumers and we’ve received an enthusiastic response. The fintech revolution has become very popular in other parts of the world and we saw a gap and unique need for this service in the Middle East,” said YAP CEO and founder Marwan Hachem. “It’s been so gratifying to see tens of thousands of people interested in the app before we officially launched which has validated our view that YAP will be widely accepted in this region.”
As the first independent digital banking application to launch in the region, the app offers a suite of features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchase, virtual cards and more. YAP partners with banking partners in various regions to provide IBAN and BIN sponsorship for users.