Mastercard has partnered with Zand, an artificial intelligence-powered FinTech and financial services firm with its headquarters located in the United Arab Emirates.

According to a press statement issued on Thursday, August 14th, the partnership will employ Mastercard Move to provide easy cross-border transfers from bank accounts to mobile wallets and cash collection throughout the United Arab Emirates and beyond.

A single integration point for business payments, disbursements, and peer-to-peer transfers is offered by Mastercard Move, the statement claims. According to the Mastercard Move homepage, it reaches over 95% of the world's banking population.

The agreement enhances Zand's digital financial offering with established international railroads. Checkout.com already uses Mastercard Move for insurance payments, wallet cashouts, and refunds in the United Arab Emirates. By connecting buyers and suppliers, a similar Mastercard partnership with Fundbot, located in the United Arab Emirates, aims to simplify B2B payment processes.

J.K. Khalil, executive vice president and division president of East Arabia, stated in the press release that Mastercard's collaboration with Zand will expand the number of people and businesses linked to the financial system, fostering greater financial inclusion and economic opportunity in the United Arab Emirates and across the region.

A few years ago, FinTechs like Zand and others first emerged in the UAE, a nation known for its innovation and wealth in cellphones. For example, Zand demonstrated early regulatory engagement and digital skills in 2022 by becoming one of four banks to participate in the Open Finance Lab at the Dubai International Financial Centre (DIFC).

In the press announcement, Zand CEO Michael Chan stated that the payments ecosystem in the area is expanding and changing quickly, and presents strong opportunities to speed up the use of blockchain, artificial intelligence, and payment technologies.

The Global Digital Shopping Index: UAE Edition, a May PYMNTS Intelligence study created in collaboration with Visa Acceptance Solutions, indicates that most UAE consumers want to easily connect their shopping experiences across multiple devices and physical and digital channels.

According to the survey, 53% of UAE consumers had used or desired to utilize cross-channel buying capabilities at their favorite retailer. Furthermore, the largest proportion of the eight countries polled—66.7%—made an online purchase with a mobile device and shopped in-store with digital assistance from a cell phone.