Dubai: Emirates NBD, one of the leading banks in the region, has launched smartTRADE, a new portal catering to supply chain and trade finance customers, as part of the bank’s smartBUSINESS channel.
The enhancement is part of Emirates NBD’s ongoing AED 1 billion digital transformation strategy focused on digitising operations, products and services to further enhance the bank’s market-leading proposition for corporate and retail clients.
smartTRADE offers Emirates NBD Transaction Banking clients a comprehensive range of new functionalities, allowing them to submit all trade requests online – such as letters of credit, guarantees, trade loan requests and more – enjoying reduced paperwork requirements and a shorter turnaround time in the process. The revamped portal makes it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch.
In addition, clients will get real time updates on the status of their transactions through email and SMS notifications. Clients will also be able to make more informed decisions about their trade finance requirements, thanks to easy access to historical data, dashboards and other information on the smartTRADE portal.
Commenting on the announcement, Sumit Aggarwal, Executive Vice President and Group Head – Transaction Banking Services (TBS), Emirates NBD, said: “Emirates NBD’s smartTRADE will further consolidate our standing as the transaction banking partner of choice for all trade finance requirements in the UAE. The upgrades to the platform will further enhance our proposition to Transaction Banking clients, allowing them to conduct all trade finance transactions from the convenience of their home or office, without having to visit a branch.”
Aggarwal added: "smartTRADE is digitizing paper-dependent processes and reducing a high operational footprint. It increases agility across teams and eliminates errors and redundancies inherent in manual intervention. We are helping our clients access Trade Finance more efficiently, and gain competitive advantage in challenging global markets. Since the soft-launch a few months back, the response from our clients has been impressive. Sectors as diverse as Retail, construction and industrials to name a few are actively using our smartTRADE platform.”
Hussam Al Hashimi, Head of Priority Banking & Business Banking, Emirates NBD, said: “We are confident the new smartTRADE portal will enable us to deliver a smoother and more convenient banking experience for our business customers, enabling them devote more time towards their businesses. The platform’s comprehensive range of functionalities is sure to tackle significant pain points in our clients’ day-to-day operations, further strengthening our status as the preferred bank of companies in the UAE for all their business needs.”
The smartTRADE portal offers a wide range of services, including:
- Customise reports dashboard
Commenting on the launch, Lynda Ihenacho, Head of Treasury at Easa Saleh Al Gurg Group LLC, said: “Emirates NBD has the most comprehensive online trade finance products. smartTRADE allows us to view all overseas customer documents, including those related to transport and inspection as well as third-party certificates. This expedites our decision making process. Visibility throughout the cycle and reduced turnaround times on transactions are major benefits to us as an organization."
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 is a leading banking Group in the region. As at 30th June 2019, total assets were AED 537.8 Billion, (equivalent to approx. USD 146 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 233 branches and 1081 ATMs and SDMs in the UAE and overseas and 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. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China, Indonesia and Turkey.
The Group 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. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
On 31st July 2019, Emirates NBD acquired Denizbank, a leading bank in Turkey with total assets of AED 134 Billion as at 30th June 2019 (equivalent to approx. USD ~36 Billion). The bank operates through a network of 749 branches, with presence in Turkey, Austria, Germany, Bahrain and Moscow.
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 | Jerusha Sequeira
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com | Jerusha.Sequeira@bcw-global.com
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