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- Trade finance customers to benefit from reduced bank charges for digital trade transactions
- Bank’s revamped smartTRADE portal equipped to replace need for physical branch transactions
Dubai: Emirates NBD, a leading bank in the region has introduced new measures to support UAE business, in alignment with recent UAE government and Central Bank initiatives.
The bank’s Transaction Banking Unit has announced reduced tariff offers over the next three months, in particular for transactions initiated by customers using its revamped smartTRADE platform which replaces the need for physical branch visits.
smartTRADE customers can benefit from a significant reduction in transaction processing and handling fees, with immediate effect. Further, the bank will offer its clients new smartTrade activation at zero cost for next three months to enable them to route more digital transactions to the bank. The bank will also continue existing benefits on processing fees for LC issuance and Guarantee issuance for transactions via the smartTrade platform.
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD stated, “As a leading bank in the UAE, Emirates NBD is among the first in the banking industry to step up and introduce support measures to UAE businesses, aligned with recent UAE government and Central Bank directives. We are pleased to offer our clients reduced bank charges for transactions initiated via smartTrade platform with immediate effect which will help alleviate pressure by reducing operational costs. In addition, our continued investments and focus on digitisation equips our customers to conduct a majority of their trade finance transactions online, eliminating the need for physical requests, enabling them to operate seamlessly from the safety of their offices or homes.”
Emirates NBD’s smartTRADE portal offers Emirates NBD Transaction Banking clients a comprehensive range of functionalities, allowing them to submit all trade requests – such as LC, trade loan requests and so on – online, enjoying a shorter turnaround time in the process. The bank has recently revamped the platform to make it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch. Customers also receive real time updates on the status of their transactions through email and SMS notifications.
Emirates NBD’s Transaction Banking division offers a comprehensive suite of products and advisory services to support working capital requirements and maximise business opportunities, enabling the bank to capitalise on the UAE’s status as a global trade hub and the growing demand for trade finance solutions in the region. Several new solutions have been introduced in recent months for corporate clients, such as online VAT and Excise payments on smartBUSINESS and noqodi eWallet top up and eVoucher payments, in addition to enhanced trade finance capabilities in the UAE and overseas. The division won several awards in 2018 including ‘Best Transaction Bank; and ‘Best Cash Management Bank in the UAE 2018’ by the Asian Banker, and ‘UAE Domestic Cash Management Bank of the Year 2018’ by Asian Banking and Finance.
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About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading Bank in the MENAT region. As at 31st December 2019, total assets were AED 683.3 Billion, (equivalent to approx. USD 186 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Digital Bank in the Middle East’ at the Euromoney Awards for Excellence in 2019, affirming the Bank’s status as a digital banking leader among its regional peers.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 979 branches and 4,150 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com
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