Abu Dhabi's Hub 71 takes a closer look at SME issues
Brings out whitepaper on challenges startups face in opening bank accounts
Dubai: Hub71 in Abu Dhabi is collaborated with Mashreq Bank and First Abu Dhabi Bank, to help identify and solve issues faced by startups.
They have also launched a whitepaper – ‘Rethinking Banking for Startups’ - which explores the challenges startups face when opening a UAE bank account. The whitepaper aims to foster collaboration with more UAE banks to pioneer new banking solutions designed specifically for tech startups.
The findings outline how it may be possible to reduce the time taken for a startup to open a bank account in the UAE – from an average of 63 days – to less than five days.
“Hub71 recognises the need for startups to access efficient and reliable banking products and services,” said Nader Museitif, Head of Partnerships and Business Development. “So, we are looking forward to drive positive change by working closely with our financial institution and regulator partners, who have played a major role in the economic development of Abu Dhabi and the UAE.”
