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YAP has launched the first independent digital banking platform in the UAE. Marwan Hachem, CEO and Founder, YAP, talks about the versatile app and its benefits

By Rhonita Patnaik

Published: Mon 22 Mar 2021, 8:40 PM

The concept of YAP

YAP is a fintech that is revolutionising the digital banking experience in the Middle East, South Asia and Africa. We are proud to have launched the first independent digital banking platform in the UAE. Our app works in a very simple way, by offering our users solutions to their everyday financial needs. YAP has partnered with RAKBANK in the UAE to provide IBAN and BIN sponsorship.

The differential factor of YAP from conventional banking platforms

YAP is a digital banking application that compliments conventional banking platforms by offering a host of money and financial service tools. The app was designed with the latest innovative technology in fintech to make banking easy and more accessible to consumers and does not require a minimum balance or salary to onboard. 

Versatile features unique to YAP

We have a suite of versatile features in the app such as a simple user interface that provides a 360-degree view of a consumer's spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. We also offer the ability for our members to add virtual cards that come with unique security features such as a unique card number, a unique CVV, and an expiration date for secure online shopping. To add more security, we allow our users to easily freeze their card and set spending limits in the app. We also have features such as analytics and budgeting tools, bill splitting, consolidating and automating utility bill payments, payments through a QR code, and receiving reminders for payments due. And on top of all this, we have a customer service team that is available to live chat, WhatsApp chat or talk to our customers over the phone. 

Offerings for customers

YAP's unique value proposition is the one-stop shop for digital financial services. We also have the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets. 

For example, in the UAE, YAP is launching a product specific to young people called YAP Young, where parents can create accounts for their children in order to teach them about financial literacy through spending, earnings and savings via their own YAP account. YAP is also launching YAP Household, a product that allows YAP members to create an account for their household help, where they can deposit salaries and money for household expenses directly to their household helps' own YAP account. These product features are unique to the market and we believe they will not only help meet unmet needs for everyday residents of the UAE, but also target the underserved communities. 

Views on the digital banking sector in the Middle East and more specifically the UAE

We believe the digital banking sector in the Middle East is growing immensely with the UAE taking the lead on this growth. We have no doubt that there is even more opportunity in this region - all one needs to do is take a look around at all the players who are developing unique fintech solutions and the progress traditional banks are making when it comes to digitalization. It's an exciting time to be part of this space and YAP is positioned and ready to take it on, learn, grow and make an impact for the regions we operate in and most importantly for the people we service. 

Partnership with RAKBANK

YAP has partnered with RAKBANK in the UAE to provide IBAN and BIN sponsorship.


Business strategy and expansion plans for 2021-22

YAP aims to become the leading digital banking application of the region. We have our sights set on many neighbouring countries and are already accelerating our efforts for the new countries we plan to open in before the end of the year, including Pakistan and Ghana. We are also working on launching in Saudi Arabia and are in talks with a few other countries in Africa which we hope to announce soon.


For now, YAP is only available to download and experience in the UAE. But we will open in new countries very soon.


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