Zand, the UAE’s first fully licensed AI-powered digital bank, has introduced groundbreaking ‘Digital Asset Custody services’, approved by the Virtual Asset Regulatory Authority (VARA).
With this innovative offering, Zand becomes the first UAE bank to provide institutional-grade digital asset custody services under its banking license. Custody services, tailored for corporate and institutional clients, ensures unparalleled security, with private keys protected in onshore UAE Hardware Security Modules (HSMs) to meet the highest global standards.
By merging banking and digital assets expertise with cutting-edge blockchain technology, Zand empowers clients to securely manage both fiat money and digital assets, bridging the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).
Mohamed Alabbar Chairman – Zand
“This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”
Michael Chan, CEO of Zand, stated that, “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”
As a regulated entity under the Central Bank of the UAE and a digital assets custodian licensed by VARA, Zand prioritizes stability, compliance, and risk management, ensuring a robust and secure financial environment.
The custody solution is supported by advanced security protocols, continuous audits, and a dedicated team of information security experts. With its AI-powered infrastructure, Zand not only offers seamless digital banking experiences but also sets new benchmarks for trust and reliability in the financial sector.
