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Abu Dhabi: Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda, has announced that its Business Banking App has supported over 500 UAE-based SMEs & startups by opening accounts for them in less than 48 hours over the past three months, reinforcing its growing demand and significance.
Designed to support the SMEs operating within the UAE, the EDB Business Banking App offers SMEs access to a 24x7 secure, convenient, on-the-go digital banking services. With the App, the business account IBAN is reserved in a matter of minutes, and account activation is completed in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.
Since its launch in September 2021, besides offering a fully operational business bank account, bill payments, invoicing, budgeting, and analytics facilities, several new features and suite of banking facilities have been incorporated.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said: “Emirates Development Board is proud of the milestone achieved through its Business Banking App – to onboard 500+ companies within three months of its launch is a phenomenal accomplishment. A lot of effort and hard work has gone in to reach this stage and we thank our team, as well as our partners, in offering world-class products and first-class user experience.”
He added: “As part of our innovation roadmap, we will continue to add new user-friendly features and banking services on the App in the future. We look forward to building on this success with more innovation in the space.”
The App is part of the EDB’s strategy unveiled earlier this year to support the SMEs and priority industrial sector in the country. As part of this strategic roadmap, EDB has earmarked AED 30 billion to extend financial and non-financial support to SMEs operating in the UAE over the next five years.
About Emirates Development Bank
Emirates Development Bank [EDB], headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai. For more details, visit www.edb.gov.ae
© Press Release 2021
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