Al Maryah Community Bank signs MoU with Dubai Multi Commodities Centre

Abu Dhabi: Al Maryah Community Bank (Mbank), one of the UAE's pioneer digital banks, has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC) to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform, a media release said. According to this, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in just six straightforward steps, within 48 hours, using Mbank's Corporate Platform. This account features no minimum balance requirements or monthly fees, providing businesses access to a comprehensive suite of secure, customized, and advanced digital banking solutions to propel their operations, it added.

Headquartered in Dubai, DMCC is a premier international business district and one of the world’s most interconnected free zones. With over 24,000 member companies, DMCC is the leading trade and enterprise hub for commodities and high-value services in Dubai, and worth 11% of all FDI inflows to the Emirate.

Entities based in DMCC can leverage the Mbank’s Corporate Platform, gaining access to a diverse array of offerings including Current & Savings accounts, Online/Mobile banking, the Wages Protection System (WPS), Overdrafts, Loans, and Trade Finance, among other services. Furthermore, the Corporate Platform offers advanced functionalities like real-time account monitoring, customizable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools. These features empower businesses to efficiently manage their financial operations, enhancing cash flow and overall financial performance.

Ahmad Hamza, Executive Director of DMCC said, “Our partnership with Al Maryah Community Bank marks a strategic collaboration to further enhance the ease of doing business within DMCC. By harnessing the cutting-edge digital capabilities offered by Mbank, we empower businesses with access to agile solutions and streamlined processes, driving them towards accelerated growth and success. This partnership underscores DMCC's vision of fostering a dynamic ecosystem where businesses thrive. We look forward to working together towards further enhancing the business environment and driving growth for our members.”

Ahmed Al Hammadi, Head of SME Coverage at Al Maryah Community Bank, expressed his enthusiasm about the partnership with the DMCC, renowned as the top free zone globally. DMCC, an initiative spearheaded by the Government of Dubai, is dedicated to furnishing the physical, market, and financial infrastructure essential for establishing and operating a thriving commodities marketplace in Dubai. Similarly, Al Maryah Community Bank, guided by the primary objective of serving its community, consistently seeks opportunities to broaden its product and service offerings by extending its facilities throughout the UAE. The collaboration with DMCC, driven by shared objectives, lays the foundation for sustainable growth among businesses in the Free Zone, facilitating their path to success.

Ahmed said, "Mbank remains committed to delivering an enhanced suite of customized, innovative, easy, secure, and fully digital banking solutions in alignment with the UAE's vision for a digital economy. We are pleased to contribute to the growth and success of our economy by boosting, supporting, and empowering businesses to realize their full potential through the provision of necessary banking and investment tools."