Emirates Development Bank [EDB], a leading financial institution in the Emirates, has announced that its Business Banking App has supported over 500 UAE-based SMEs and startups by opening accounts for them in less than 48 hours over the past three months.
Digital banking services
Designed to support SMEs operating within the UAE, the EDB Business Banking App offers companies access to a 24/7 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 within 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.
Since its launch in September 2021, alongside a fully operational business bank account, the app also supports bill payments, invoicing, budgeting, and analytics facilities, and several new features and a suite of banking facilities have been incorporated.
Rapid growth
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 went on to say, “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.”
Support for SMEs
The Business Banking App is part of the EDB’s strategy unveiled earlier this year to support SMEs and priority industrial sectors 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.
The Business Banking App is available on Apple and Android devices.
The App’s success comes at a time where customers are increasingly turning to digital banking services as alternatives to visiting physical branches.
