Emirates Development Bank, which is important for Dubai’s industrial transformation agenda, has rolled out an app to help small- to medium-sized businesses (SMBs) in the UAE, Gulf News reported.
The app is called the EDB Business Banking App, and it is part of a strategy in which the company has earmarked Dh30 billion for boosted financial and non-financial support for SMBs in the UAE for the next five years.
The report says the app will reserve a business account IBAN in minutes, with accounts activated in two days, and everything free without any minimum balance criteria.
The app plans to offer numerous features, including a “fully operational” business bank account, bill payments, invoicing, budgeting and analytics. There will also be an investment arm along with business advisory services.
“The launch underlines our commitment to create a digital ecosystem enabling [SMBs] to plug-and-play anywhere in the UAE,” said Ahmed Mohamed Al Naqbi, CEO of EDB. “One of the key challenges for [SMBs] is the ability to open a bank account within a short timeframe.”
The partnership plans to make an app “for [SMBs] who are looking for a more seamless approach to banking,” said Marwan Hachem, CEO of YAP, per the press release.
This follows the announcement that there would be several UAE banks looking to provide credit guarantee schemes and co-lending agreements.
This will help offer direct and indirect lending for SMBs, with Al Naqbi saying the end goal was to address SMB challenges and inject new innovations into the business model to help business get going.
In other UAE-related news, Mastercard will keep an arrangement going with Dubai Asset Management in order to bolster digital UAE payments.
The work will help improve sustainable cities and customer experiences.
Mastercard UAE & Pakistan Country Manager Girish Nanda quoted a study saying that “four out of five” respondents would want to live in a smart city.