Al Maryah Community Bank (Mbank), a leading digital bank in the UAE, has signed a Memorandum of Understanding (MoU) with Meydan Management Services (MMS) to provide integrated banking facilities for businesses establishing themselves in the Meydan Free Zone (MFZ). Entrepreneurs will be able to open a fully digital business bank account through the Mbank online Corporate Platform in just six simple steps, in under 48 hours, with no minimum balance and no monthly fees.
This partnership aims to foster collaboration to empower business owners with advanced, customized, secure, and accessible digital banking solutions, enabling them to access a wide range of value-added financial services.
Meydan's mission is to make entrepreneurship accessible, inspire business growth, and cultivate a vibrant, interconnected ecosystem for innovators. Since its launch in 2010, Meydan has attracted global attention with a future-oriented strategy focused on empowering businesses to thrive. The free zone offers comprehensive tools and resources to support companies operating within its framework, ensuring their success.
Through this agreement, Mbank will offer a diverse suite of financial products designed for various business types, including sole proprietorships, partnerships, and corporations. These offerings include online and mobile banking, savings and checking accounts, the Wages Protection System (WPS), overdrafts, loans, and trade finance.
Mbank is also enhancing the banking experience with its Digital Connect service, which enables clients to connect with customer service agents via secure live video calls. This innovative approach eliminates the need for paperwork and branch visits, streamlining support for modern businesses.
Suresh Yeraballi, Product Manager at Mbank, expressed enthusiasm about the collaboration: “We are excited to partner in this initiative, as it reflects our commitment to empowering businesses with the tools they need to thrive. Our goal is to simplify financial management for our clients and support their growth in a rapidly evolving market.”
Humaid Al Attar, EVP - Head of Corporate & SME Banking at Mbank, stated: “We are proud to partner with Meydan Management Services to serve the public interest and support the development of the UAE. It is an honor to contribute to His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s visionary projects that empower business owners to innovate and grow within our community. We are excited to provide them with smart, innovative, and convenient financial tools for their entrepreneurial journeys.”
He further emphasized: “Our collaboration with Meydan Management Services underscores our commitment to promoting local enterprise development in Dubai. We are confident that our simple, fully digital banking solutions will facilitate business growth and success across Dubai and the UAE.”
Mohammed Bin Humaidan, Director of Free Zone, Leasing, and Licensing at Meydan, added: “We are delighted to host representatives from Mbank and are excited to explore new opportunities for cooperation and mutual growth.”
