The Umm Al Quwain Chamber of Commerce & Industry signs an MoU with Al Maryah Community Bank

The Umm Al Quwain (UAQ) Chamber of Commerce and Industry signed a Memorandum of Understanding with Al Maryah Community Bank (Mbank), the first digital bank in the UAE, to offer all business types supported by the UAQ Chamber of Commerce and Industry the ability to open a business account via a fully integrated digital experience.

Mbank’s elevated corporate platform enables company owners to open corporate bank accounts in less than 48 hours, with zero minimum balance, and zero monthly fees; making it easy for them to access customized, secure, and advanced digital banking solutions that will take their businesses to the next level.

Ammar Rashid Al Aleeli, Director General of the Umm Al Quwain Chamber of Commerce and Industry stated: “Al Maryah Community Bank will offer all types of companies in Umm Al Quwain, including sole proprietorships, partnerships, or corporations, the opportunity to open a business bank account for free, without any minimum balance or fees, and in less than 48 hours. Businesses can access Mbank’s highly secure online corporate banking platform and benefit from a wide range of products such as online and mobile banking, savings and checking accounts, wages protection system (WPS), overdrafts, cheque books, business loans, Letters of Guarantees, and trade finance, among others”.

Al Aleeli added that the agreement will include a range of features such as real-time account monitoring, customizable alerts and workflows, immediate fund transfers, standing order instructions, and automated payment and invoicing tools, enabling businesses to streamline their financial operations and improve their cash flow.

Furthermore, business owners will be offered the advanced Mbank Digital Connect service, whereby they can connect with Mbank's customer service agents via secure live video calls for assistance or to complete their account registration process, eliminating the need for paperwork or in-person branch visits.

Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: “We are very proud to widen our network of partnerships across the Emirates today and partner with the Umm Al Quwain Chamber of Commerce and Industry which represents 6000 companies. with the principal goal of serving our community and expanding by opening up our facilities across the UAE. By serving the local and federal establishments in Umm Al Quwain, we are boosting their businesses and encouraging them to reach their full potential by offering them the customized, innovative, and fully digital products and services that fit their banking and investment needs, all as part of our commitment as a community bank ”.

Al Maryah Community Bank’s CEO, added: “Mbank remains committed to offering its easy, enabling, and simple banking solutions in line with the UAE’s vision for a digital economy. Our partnership with UAQ Chamber of Commerce and Industry reinforces our commitment and paves the way for the growth and success of businesses in Umm Al Quwain and the broader UAE”.