Meydan Free Zone has made things a lot easier for its business tenants. Image Credit: Unsplash/Dan Nelson

Dubai: A free zone in Dubai has come up with its e-wallet. The Meydan Free Zone’s ‘Meydan Pay’ will allow businesses there to obtain an instant IBAN number tied to their licenses.

The app enables them to generate invoices, accept and make payments through a click of a button, thus eliminating time-consuming bank transfers. The free zone has partnered with local banks and Ansari Exchange which makes it easier to withdraw the monies as and when required.

The portal acts as an e-wallet, which enables businesses to pay bills through the virtual account. It gives insights, data and analytics on the account’s transaction history, and also acts as a point-of-sale (POS) machine for retail businesses.

“Meydan Free Zone is a thriving community that offers businesses a secure, innovative and a technologically advanced environment that empowers entrepreneurs,” said Omar Khoory, Chief Assets Officer, Meydan Free Zone.

As per the UAE legislation, a business owner needs to have a corporate bank account as a pre-requisite before making any transactions. Opening such an account is a “tricky process” due to the stringent rules and regulations for KYC (know your customers) in the UAE. The process is “easier” as Meydan Pay App reduces the long queues and account opening procedures for their entrepreneurs.