Emirates Development Bank launches Business Banking App for SMEs

10x Industry

Mita Srinivasan
10x Industry
Published:

Emirates Development Bank launches Business Banking App for SMEs

New initiative to give SMEs and entrepreneurs a business account within 48 hours and access to AED 30 billion in funding support

Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, is launching the EDB Business Banking app in partnership with YAP, a UAE-based fintech, to support small and medium-sized enterprises (SMEs) operating in the UAE.

The launch of the app is integral to EDB’s new strategy unveiled earlier this year where it has earmarked AED 30 billion to extend financial and non-financial support to SMEs in the UAE over the next five years. The EDB Business Banking app offers SMEs access to 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 completed in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria. Part of EDB’s commitment to innovation and adoption of advanced technology, this app powered by YAP will combine efficient set-up, transactional services and access to lending products, helping SMEs kickstart their business.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said: “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.”

Through its partnership with YAP, EDB’s Business Banking app will offer a comprehensive suite of banking facilities including; a fully operational business bank account, bill payments, invoicing, budgeting and analytics.

The launch of EDB’s Business Banking app follows agreement with leading UAE banks to provide credit guarantee schemes and co-lending agreements, aimed at offering direct and indirect lending to SMEs. As part of EDB’s strategy it will also facilitate an investment arm for startups and SMEs as well as business advisory services for entrepreneurs, startups and small companies that include coaching, consulting, mentoring, and market research.

A business bank account in the UAE in 48 hours is a game changer.