Dubai: Emirates Development Bank (EDB), a key enabler of the country’s industrial transformation agenda, has launched the EDB Business Banking app in partnership with YAP, a UAE-based fintech. The initiative aims to support the banking needs of SMEs in the UAE.
The launch is integral to EDB’s new strategy unveiled earlier this year. As part of this strategy, EDB has earmarked Dh30 billion to extend financial and non-financial support to SMEs in the UAE over the next five years.
With the app, a business account IBAN is reserved in minutes and account activation completed in 48 hours. The account is free to all and with no minimum balance criteria.
“The launch underlines our commitment to create a digital ecosystem enabling SMEs to plug-and-play anywhere in the UAE,” said Ahmed Mohamed Al Naqbi, CEO of EDB. “One of the key challenges for SMEs is the ability to open a bank account within a short timeframe,” said Al Naqbi.
A full 'suite'
EDB’s Business Banking app will offer multiple facilities including a fully operational business bank account, bill payments, invoicing, budgeting and analytics. “Our partnership will create an app for SMEs who are looking for a more seamless approach to banking,” said Marwan Hachem, CEO of YAP.
The launch app follows an agreement with a number of leading UAE banks to provide credit guarantee schemes and co-lending agreements, aimed at offering direct and indirect lending to SMEs. “We have listened to SME’s challenges and have integrated every aspect of their needs into our business banking experience, completely transforming their ability to get their business up and running,” said Al Naqbi.
EDB will also facilitate an investment arm for startups and SMEs as well as business advisory services.
• Free to all, this is a no minimum balance account.
• A business account IBAN is reserved in minutes.