UAE: Zand Introduces Digital Asset Custody Service for Institutions

Zand Launches UAE’s First Enterprise-Grade Digital Asset Custody Service

Zand, a fully licensed, AI-powered digital bank based in the UAE, has officially launched its digital asset custody service, making it the first UAE bank to offer enterprise-grade digital asset custody under a banking license.

The service is approved by the Virtual Asset Regulatory Authority (VARA).

Suitable for corporate and institutional clients, Zand’s custody services ensure high security using private keys stored on offshore UAE hardware security modules (HSMs) to meet global standards.

The bank’s innovative use of blockchain technology and AI allows it to seamlessly bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi), enabling clients to securely manage both fiat and digital assets.

A major milestone for Zand and the country’s digital economy
Zand’s Chairman, Mohammed Alabbar, emphasized the milestone for the bank and the wider UAE digital economy, saying, “This recognition 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 position Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the country’s ambition to become a global financial powerhouse.

Zand’s CEO, Michael Chan, thanked VARA for its continued support and highlighted the importance of the new offering. “Our Digital Asset Custody Service is a significant step forward for UAE Bank. By providing enterprise-grade security for digital assets, we are giving our clients the tools they need to thrive in the digital economy.”

He also pointed to the upcoming launch of Zand’s UAE dirham-backed stablecoin, which he believes will further enhance the integration of tradfi and defi and strengthen Zand’s leadership in the space.

The custody service is supported by advanced security protocols, continuous audits, and a team of dedicated information security experts who ensure that clients’ assets are safe and accessible.