DUBAI — The first independent digital banking platform in the United Arab Emirates launched on Sunday, a neobank hoping to become a leader in the Middle East, Africa and South Asia.
Dubai-based YAP does not have a banking license itself but has partnered with RAK Bank which provides international bank account numbers for YAP users and secures their funds under its own banking license.
YAP, like other neobanks which do not have physical branches, does not offer traditional banking services like loans and mortgages, but offers spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.
YAP is in the process of partnering with banks in othe…
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