Dubai-based YAP has partnered with RAK bank to form the first independent digital banking platform in the UAE. The neo bank is aiming to become a leader in the Middle East, Africa and South Asia.
Like other neobanks, YAP does not have any physical branches and does not offer traditional banking services like loans and mortgages. However it offers spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.
According to media reports, following the process of digital onboarding, users can enjoy the services of a bank account, a YAP Mastercard Debit Card, and an application. In addition, YAP app offers a virtual card with security features as such a unique card number, a unique CVV, and an expiration date to monitor online billings and shopping.
YAP is in the process of partnering with banks in other countries, head of product Katral-Nada Hassan said, including a bank in Saudi, in Pakistan and in Ghana, according to reports presented in the media.
“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 YAP CEO and founder Marwan Hachem, according to media reports.
YAP’s head of product experience and innovation Katral-Nada Hassan according to media reports said, “YAP’s unique value proposition is the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets. In the UAE YAP is launching a product specific to young people called YAP Young, where parents can create accounts for their children to teach them about financial literacy through spending, earnings, and savings via their own YAP account. YAP is also launching 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 own YAP account.
These product features are unique to the market and we believe will not only help meet unmet needs for everyday residents of the UAE but also target the underserved communities too.”
YAP is a neobank focused wholly on improving the digital banking experience. It functions as an independent app with no physical branches.