Emirates Development Bank (EDB) has helped more than 500 UAE-based small and medium-sized enterprises (SMEs) and start-ups quickly open bank accounts over the past three months, it said on Tuesday.
EDB’s merchant banking app, designed to enable SMEs to access secure digital banking services, allows entrepreneurs to obtain a reserved business account IBAN in minutes and have an account activated in 48 hours. The account is free for all SMEs and start-ups across the Emirates and without the criteria of a minimum balance, the bank said in a statement.
Since its launch in September 2021, the app has provided businesses with a fully operational business bank account, bill payment, invoicing, budgeting and analytics features.
“As part of our innovation roadmap, we will continue to add new user-friendly features and banking services to the app in the future. We look forward to building on this success with more innovation in space,” said Ahmed Al Naqbi, Managing Director. of the EDB, said.
SMEs are the backbone of the UAE’s economy and the country has taken several steps to help boost the sector by facilitating access to finance, providing mentorship programs and facilitating exports to markets. international.
EDB was founded in 2011 through a merger between Emirates Industrial Bank and Real Estate Bank. It aims to provide financing of 30 billion dirhams ($8.17 billion) over the next five years as part of a strategy to support SMEs and the country’s priority industrial sector. The United Arab Emirates plans to more than double the size of its industrial sector by 2031 to reach 300 billion dirhams.
The bank will finance sectors such as healthcare, infrastructure, food security and technology, and help create 25,000 jobs.
Earlier this week, EDB signed a preliminary agreement with Ajman Bank to offer a credit guarantee and joint loan package to SMEs in the UAE, with a focus on the industrial sector. Under the pact, EDB will provide a credit guarantee and/or offer a co-loan program to Ajman Bank’s SME clients, he said at the time.
Last month, EDB signed a preliminary agreement with the National Bank of Fujairah to offer a credit guarantee and co-loan scheme to SMEs in priority sectors in the UAE.
The UAE aims to be home to 20 unicorns, or start-ups valued at over $1 billion, by 2031 under a program launched last month to attract and grow SMEs.
The Entrepreneurial Nation initiative offers support through a series of public-private partnerships that help entrepreneurs set up shop in the UAE, grow their businesses, export their products and leverage online sales , said Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs. November.
Updated: December 28, 2021, 9:43 a.m.