The Ajman Chamber of Commerce and Industry signed a Memorandum of Understanding with Al Maryah Community Bank (Mbank), a leading digital bank in the UAE, with the aim of providing integrated banking facilities to members of the Ajman Chamber private sector establishments and entrepreneurs; offering them the opportunity to open a business bank account via a fully integrated digital experience in 6 simple steps, with zero minimum balance, and no monthly fees through Mbank’s online corporate platform, in a record time not exceeding 20 minutes.
The memorandum of understanding was signed at the chamber’s headquarters by Engineer Abdullah bin Mohammed Al Muwaiji, Chairman of the Board of Directors of the Ajman Chamber, and Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, in the presence of Mohammed Khalifa bin Salmeen Al-Eryani, Member of the Board of Directors of the Ajman Chamber and Salem Al Suwaidi, General Manager, and Mohammed Ali Al Janahi, Executive Director of the Member Support Services Sector at the Ajman Chamber.
This dual partnership aims to establish grounds for cooperation to enable business owners and private sector establishments and support them in accessing a wide range of value-added banking facilities by providing them with advanced, customized, secure and accessible digital banking solutions.
On this occasion, Abdullah Al Muwaiji, praised Al Maryah Community Bank’s vital role and its adoption of innovative and pioneering banking technologies and solutions that enhance businesses in the private sector through its corporate banking platform supported by the use of artificial intelligence. He stressed that the memorandum of understanding serves as a basis for launching innovative qualitative programs and events to enhance business sustainability and growth and increase investment attractiveness.
He added: “With this partnership, we aim to provide proactive services that exceed the expectations of our private sector members, provide innovative tools and solutions for the development of entrepreneurship, stay current with digital evolution backed by artificial intelligence in banking services, in addition to benefiting from the expertise of staff at Al Maryah Community Bank”.
Abdullah Al Muwaiji emphasized that the signing of the memorandum of understanding embodies the positive interaction between the Ajman Chamber and financial and banking institutions in particular, with the aim of developing innovative services and programs that support economic development in the emirate and contribute to the growth of private sector establishments.
Mbank’s corporate platform will be providing a range of products to all types of companies; whether they are a sole proprietorship, partnership, or corporation, including but not limited to online and mobile banking, savings and checking accounts, wages protection system (WPS), overdrafts, loans, and trade finance, among others. In addition, the Mbank Corporate Platform presents advanced 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.
To enhance business owners’ overall experience, they also have access to Mbank’s advanced digital connect service whereby they have the ability to connect with Mbank's customer service agents through secure live video calls in case they need assistance in general or help in completing their account registration process, eliminating the need for paperwork or physical branch visits.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: “We are very proud to partner today with the Ajman Chamber of Commerce and Industry. With this partnership, we cannot but highly emphasize on our main purpose and that is to serve the public’s interest in developing the community. By offering our facilities to the local companies in Ajman, we are boosting their business, supporting them where needed, and empowering them to reach their full potential by providing them with the banking and investment tools required”.
He added: “We are confident that our range of offered smart, innovative, convenient, and fully digital financial solutions align with the UAE’s vision for a digital economy, and our partnership with the Ajman Chamber of Commerce and Industry paves the way for the growth and success of businesses in Ajman and the UAE community as a whole.