Abu Dhabi: State-owned lender Emirates Development Bank (EDB) has partnered with leading UAE fintech firm YAP to launch EDB Business Banking app for small and medium-sized enterprises [SMEs] operating in the UAE.
The new app is part of the bank’s newly unveiled strategy to which it has earmarked $8.17 billion for extending financial and non-financial support to SMEs in the UAE over the next five years. The EDB Business Banking app offers SMEs access to 24×7 secure, convenient, on-the-go digital banking services.
The new app enables swift business account IBAN reservations and 48-hours activation for bank accounts which are free and have no minimum balance criteria.
Speaking about the launch, Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, told the regional news agency WAM that the EDB Business Banking app provides a ground-breaking solution to the challenges encountered by entrepreneurs while opening a bank account, the requirements of which are somewhat difficult for them to meet.
“The new product enables entrepreneurs to open bank accounts and manage their business without paying additional fees or maintaining a minimum balance to keep their account open,” Mr. Al Falasi stated while adding that the new app acts as a business incubator for entrepreneurs.
“EDB has developmental rather than commercial objectives to achieve. It addresses the needs of all types of entrepreneurs,” the Minister of State for Entrepreneurship and SMEs observed, anticipating a growing demand for the advantages and services provided via the new app, given that over 500,000 SMEs are already operating in the country.
Powered by YAP, the newly launched radical app will combine efficient set-up, transactional services and access to lending products, helping SMEs kickstart their business.
Mr. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB stated that, “The launch of our Business Banking App underlines our commitment to create a digital ecosystem enabling SMEs to plug and play, anywhere in the UAE. One of the key challenges for SMEs is the ability to open a bank account within a short timeframe. With this app, we are addressing this market need through a free, open-to-all digital bank account which can be opened in minutes. In addition, our partnership with UAE-based fintech YAP, ensures a first-class user experience and continuous upgrades, offering the latest technology and benefits.”
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