Abu Dhabi / WAM
The Emirates Development Bank (EDB) has announced that its Business Banking App has supported more than 500 UAE-based SMEs and start-ups by opening accounts for them in less than 48 hours over the past three months, reinforcing its growing demand and the significance.
Designed to support the SMEs operating within the UAE, the 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 minutes, and the account is activated within 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.
Since the launch in September 2021, besides a fully operational business bank account, bill payments, invoicing, budgeting, and analytics facilities, several new features and a 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 country’s SMEs and priority industrial sector. As part of this strategic roadmap, the EDB has earmarked AED30 billion to extend financial and non-financial support to SMEs operating in the UAE over the next five years.