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. As part of this strategy, EDB 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.
The app provides an unmatched digital bank account user experience. 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 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, 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.”
He added: “We have listened to SME’s challenges and have integrated every aspect of their needs into our business banking experience, completely transforming their ability to get their business up and running quickly and efficiently.”
Marwan Hachem, Chief Executive Officer 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 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 an agreement with prominent 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 (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research).