Zand, an innovative AI-powered Fintech and financial services group in the UAE, has announced that it has been assigned an investment grade credit rating of BBB+, with a stable outlook, from Fitch Ratings.
Zand CEO Michael Chan stated, “We believe Zand is the world’s youngest bank to achieve an investment grade credit rating, and we are honored and humbled to receive this recognition from Fitch Ratings. As a start-up in the development phase, Zand has experienced rapid growth since becoming a fully licensed bank three years ago. We achieved breakeven in less than two years, being the key contributor to enable virtual asset service providers and Fintech in the UAE, and are empowering clients to unlock growth opportunities, and thrive in the digital transformation age. This is a validation of our strategy and a testament to the strength of our team, our shareholders, and the supportive regulatory environment of the UAE.”
