Reuters reports that the first independent digital banking platform in the United Arab Emirates launched on Sunday, a so-called “neobank” hoping to become a leader in the Middle East, Africa and South Asia.
With no physical branches, Dubai-based YAP hopes to attract a new kind of customer and does not offer traditional banking services like loans and mortgages.
Instead, YAP will offer spending and budgeting analytics, peer-to-peer payments, remittances services and bill payments to a younger demographic who are mobile and on the go, they say. YAP is in the process of partnering with banks in other countries, including a bank in Saudi Arabia, in Pakistan and in Ghana.
This article was written by Lisa Barrington and originally published on Reuters.