Emirates Development Bank (EDB), a key financial enabler in the UAE, has revealed that it’s Business Banking App has supported over 500 UAE-based Small and Medium-sized Enterprises (SMEs) & startups by opening accounts for them in less than 48 hours over the past three months, reinforcing its growing demand and significance.
The EDB Business Banking App was developed to help SMEs in the UAE, enabling them to access 24×7 secure, convenient, on-the-go digital banking services. With the App, the business account International Bank Account Number (IBAN) is reserved in a matter of minutes. The account is free to all, across all Emirates, with no minimum balance requirement.
Since its inception in September 2021, several new features and banking services have been added, in addition to a fully functional business bank account, bill payments, invoicing, budgeting, and analytics capabilities.
Ahmed Mohamed Al Naqbi CEO – 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, for offering world-class products and first-class user experience. As part of our innovation roadmap, we will continue to add new user-friendly features and banking services to 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 $8.2 billion to extend financial and non-financial support to SMEs operating in the UAE over the next five years.
