Emirates Development Bank [EDB], a key financial catalyst for the country’s economic diversification and industrial transformation, has announced that its commercial banking application has supported more than 500 SMEs and startups are based in the UAE by opening an account for them in less than 48 hours in the last three months, reinforcing its growing demand and importance.
Designed to support the SMEs operating within the UAE, the EDB Business Banking App offers SMEs access to a 24×7 secure, convenient, on-the-go digital banking services. With the App, the business account IBAN is reserved in a matter of minutes, and account activation is completed in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.
Since its launch in September 2021, besides offering a fully operational business bank account, bill payments, invoicing, budgeting, and analytics facilities, several new features and suite of banking facilities have been incorporated.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said: “Emirates Development Board is proud of the milestone achieved through its Business Banking App – to onboard 500+ companies within three months of its launch is a phenomenal accomplishment. A lot of effort and hard work has gone in to reach this stage and we thank our team, as well as our partners, in offering world-class products and first-class user experience.”
He added: “As part of our innovation roadmap, we will continue to add new user-friendly features and banking services on the App in the future. We look forward to building on this success with more innovation in the space.”
The App is part of the EDB’s strategy unveiled earlier this year to support the SMEs and priority industrial sector in the country. As part of this strategic roadmap, EDB has earmarked AED 30 billion to extend financial and non-financial support to SMEs operating in the UAE over the next five years.
