FinTech: The UAE Gets YAP, Its First Digital Banking Platform
Dubai-based neobank YAP’s offering is backed by the UAE’s RAK Bank.
Neobank YAP has launched the U.A.E’s first digital banking platform. Applicants on a waiting list, numbering over 25,000, can hope to get a bank account, a YAP Mastercard Debit Card, and an app that provides spending analytics. It also offers means to transfer money and pay bills, and real-time notifications of purchases, withdrawals, and transfers. (Gulf Business)
YAP’s bouquet of offerings for UAE
“AP’s unique value proposition is the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets,” said Katral-Nada, head of product experience and innovation. Accordingly, the digital bank is launching:
- YAP Young, where parents can create accounts for their children to teach them about financial literacy through spending, earnings, and savings via their account
- YAP Household, a product that allows members to create an account for their household help, where they can deposit salaries and money for household expenses directly to their household help’s account
Users can also use the neobank’s app to generate a virtual card with unique security features such as a unique card number, a unique CVV, and an expiration date for secure online shopping.
“YAP aims to become the leading digital banking application of the region. We have our sights set on many neighboring countries and are already accelerating our efforts for the new countries we plan to open before the end of the year, one being Pakistan and the other Ghana,” Hassan said to Gulf Business.
Fintech giants such as Revolut have not yet made landfall in the Middle East, choosing to expand first into the U.S. and Europe.
“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 CEO and founder Marwan Hachem to Reuters.
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