The Emirates Development Bank said Wednesday (Dec. 29) that since the bank launched its Business Banking App in September, more than 500 United Arab Emirates-based small- to medium-sized businesses (SMBs) and startups have opened accounts within a 48-hour window.
EDB’s Business Banking App offers access to a 24/7 secure, convenient, on-the-go digital banking services, according to an Emirates News Agency WAM report. The business account IBAN is reserved within the app in minutes, and the free Business Banking App account is activated within 48 hours with no minimum balance required.
Emirates Development Bank has added several new features and banking facilities since launching the Business Banking App, on top of a fully operational business bank account, bill payments, invoicing, budgeting and analytics facilities.
“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,” said Ahmed Mohamed Al Naqbi, CEO of EDB.
“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 said. “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.”
EDB earmarked AED30 billion ($8 billion) for SMBs earlier this year to extend financial and non-financial support to these companies across the UAE for the next five years.
Related: UAE’s Mashreq, Visa Collaborate on Corporate Expense Platform
In October, UAE-based digital-first bank Mashreq Bank partnered with credit card giant Visa on a digital reconciliation platform that can track, trace and analyze company expense accounts. The collaboration includes the launch of a new suite of digital solutions for corporations, streamlining and securing the tracking of individual transactions.
The Mashreq-Visa partnership gives business customers greater visibility and real-time control, while offering better protections against fraud.