In a development that augurs well for meeting one of the goals of the UAE’s national agenda to offer easy financing solutions to the private sector, Emirates Development Bank (EDB) has announced that its Business Banking App has helped over 500 UAE-based small and medium-sized enterprises (SMEs) and start-ups open accounts over the past three months.
What Is EDB?
EDB, a fully UAE government-owned financial institution that began its operations in 2015, has been playing a critical role in supporting SMEs by offering a wide range of solutions for their financial inclusion and promoting economic diversification. To support emerging businesses and enable them to achieve their full potential, the EDB Business Banking App offers SMEs access to 24/7 secure, convenient, and on-the-go digital banking services. With the app, which is designed to support the SMEs operating within the UAE, the business account IBAN is reserved in a matter of minutes, and account activation is completed within 48 hours. The account is free to all across the Emirates, with no minimum balance criteria.
What Is the Top Brass Saying?
According to Ahmed Mohamed Al Naqbi, Chief Executive Officer, EDB, “the Emirates Development Board is proud of onboarding over 500 companies through the Business Banking App that was launched barely three months ago. This milestone in a short span of time is a phenomenal accomplishment. 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 offering world-class products and first-class user experience, and building on this success with more innovation in the space.”
What Does the App Offer?
Since its launch in September 2021, the Business Banking App is offering a fully operational business bank account, bill payments, invoicing, budgeting, and analytics facilities. Several new features and suites of banking facilities have been incorporated in the past three months. The app is part of the EDB’s strategy unveiled last year to support the SMEs and prioritize the industrial sector in the country. As part of this strategic roadmap to drive the national economy towards diversification, EDB has earmarked AED 30 billion to extend financial and non-financial support to SMEs operating in the UAE over the next five years.
This step will contribute to financing more than 13,500 SMEs and creating 25,000 jobs. The bank will also launch an AED 1 billion investment fund for start-ups and SMEs in 2022 and target industrial companies in priority sectors that need financing and investment.
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