Zand, an AI-powered fintech and financial services group in the United Arab Emirates, is partnering with Mastercard to collaborate on enhancing cross-border payment solutions.
Leveraging Mastercard Move’s money movement solutions, this collaboration will enable seamless, secure, and efficient cross-border money transfers offered by Zand to its customers.
In the first phase of the collaboration, Zand will offer payment solutions, such as deposits into bank accounts and wallets in multiple markets, as well as convenient cash pick-up services, using Mastercard Move’s capabilities. This underscores Mastercard and Zand’s joint commitment to advancing the digital economy, and driving innovation and financial inclusion in the region’s financial services landscape.
J.K. Khalil, EVP and division president of East Arabia, Mastercard, commented: “At Mastercard, we are committed to driving innovation across the region’s payments landscape. 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.”
Mastercard Move, the company’s money movement solution suite, enables fast, secure and efficient fund transfers. The service supports diverse payment flows, including person-to-person transfers, business payments, and disbursements, with multiple payout options including cards, bank accounts and mobile wallets. Additionally, to serve the unbanked and underbanked populations, cash payouts are available via Mastercard’s growing global network of cash pickup locations.
Michael Chan, CEO at Zand, also explained: “We are thrilled to collaborate with Mastercard to help drive the future of cross-border payments, and this exciting opportunity represents a significant milestone in Zand’s mission to accelerate the growth of the digital economy. The payments ecosystem is rapidly growing and evolving in the region and also offers compelling potential to accelerate the applications of AI, blockchain and payments technology.”
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