The Emirates Development Bank (EDB), a leading financial provider to the UAE’s economic diversification and industrial transformation, has launched the EDB Business Banking app in collaboration with YAP, a UAE-based fintech, to serve small and medium-sized enterprises (SME) operating in the UAE.
Earlier this year, as part of a new strategy EDB allotted $8.2 billion to provide financial and non-financial support to SMEs across the UAE over the next five years. The launch of the EDB Business Banking app is integral to this strategy. The app offers SMEs access to 24×7 secure, convenient, on-the-go digital banking services.
The EDB Business Banking app is a game-changer in solving the problems that entrepreneurs face while opening a bank account, especially when the requirements are difficult to meet. The business account or International Bank Account Number (IBAN) is reserved in minutes with the app, and the account is activated in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.
As part of EDB’s commitment to innovation and adoption of advanced technology, this revolutionary 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 CEO – EDB
“The launch of our Business Banking App underlines our commitment to creating 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 that 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.”
Commenting on the launch, Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs said, “the new app acts as a business incubator for entrepreneurs. It addresses the needs of all types of entrepreneurs. EDB has developmental rather than commercial objectives to achieve.”
EDB’s Business Banking app follows with top UAE banks to provide credit guarantee schemes and co-lending contracts aimed at providing direct and indirect loans to SMEs.
Mr. Marwan Hachem, CEO of YAP said, “We are pleased to partner with EDB to create a revolutionary service and app for SMEs who are looking for a more seamless approach to banking. At the core of all of YAPs products for individual customers and businesses is to make their experience enjoyable and convenient.”
Through its partnership with YAP, EDB’s Business Banking app will offer a comprehensive array of banking services including, a fully operational business bank account, bill payments, invoicing, budgeting and analytics.
As part of EDB’s strategy, it will also facilitate an investment arm for startups and SMEs (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research).
