YAP, a Dubai-based neobank, has made it to the headlines as it launched the first independent digital banking platform and application in the United Arab Emirates. Reports have it that the platform has already witnessed over 25,000 pre-registration over the past two months.
Under this platform, members can have access to a bank account, a YAP Mastercard Debit Card, and an application that offers an overview of a user’s spending analytics and real-time notifications of purchases, transfers, and withdrawals.
The YAP application provides a virtual card with unique security features like a unique CVV, card number, and an expiration date for safe and secure online shopping, along with an extensive database of resources for the users.
Moreover, through a digital range of instruments including bill splitting, analytics and budgeting tools, and receiving constant reminders for payment dues, the application is anticipated to help consumers to take control of their finances.
As per credible reports, the platform was created with innovative technology in fintech to make banking more efficient, seamless, and more accessible to users. Speaking of which, Katral-Nada Hassan, Head of product experience and innovation at YAP cited that fintechs have prompted retail banking to emphasize more on user experience at almost every point in the customer journey.
Additionally, while commenting on the novel launch, Mr. Hassan mentioned that YAP, in the UAE, is seeking to launch a product specific to young people called YAP Young, wherein parents can create accounts for their children in order to make them aware of about financial literacy via spending, savings, and earnings through their own YAP account.
In line with this, the company is also likely to unveil YAP Household, a product which would allow members to create an account for their household help, enabling them to deposit salaries and money for household expenses.
Source Credit: https://gulfbusiness.com/uaes-first-independent-digital-banking-platform-launched/