Michael Chan, CEO of Zand, has announced a significant shift in the banking landscape, predicting that all banks will transition to digital platforms. Speaking at the Dubai FinTech Summit, he emphasized the increasing role of artificial intelligence in everyday financial activities, which is particularly relevant for UAE residents and businesses.
The Future of Banking is Digital
During his address at the Dubai FinTech Summit, part of Dubai Future Finance Week 2026, Chan highlighted the importance of bridging traditional and digital finance. He noted that Zand, headquartered in Dubai, is committed to being at the forefront of this transformation. As the second bank in the UAE to receive a digital banking license from the Central Bank, Zand aims to redefine customer experiences by making digital assets more accessible and familiar.
Key Facts
- Michael Chan has been leading Zand since November 2022.
- Zand is positioned as a financial infrastructure layer connecting traditional and digital finance.
- The bank has been integrating AI into its operations for the past three years.
- Chan noted that 78% of crypto trading is now conducted by AI agents.
- Zand is developing a voice-operated banking interface for customers.
Implications for UAE Residents and Businesses
The shift towards digital banking means that UAE residents and businesses can expect enhanced convenience and efficiency in their financial transactions. Chan explained that customers will soon be able to handle crypto payments as seamlessly as traditional payments. For instance, a corporate client receiving a payment in a US dollar stablecoin will be able to convert it back to fiat currency effortlessly within their account.
As the quality of banking services improves, customers are becoming increasingly impatient with traditional banking methods. This trend suggests that businesses in the UAE may need to adapt quickly to digital solutions to meet customer expectations. Furthermore, the integration of AI in banking processes could lead to more personalized and efficient services, making financial management easier for both individuals and companies.
What Happens Next
- Watch for the launch of Zand’s new voice-operated banking interface, expected soon.
- Stay informed about the evolving landscape of digital banking in the UAE as more banks transition to digital platforms.
As the banking sector embraces digital transformation, Zand is poised to lead the charge, promising a future where financial transactions are increasingly automated and user-friendly.