The Dubai Banking Group's Emerging Banking Challenges Working Group (DCCI) has revealed that opening a bank account for emerging companies and entrepreneurs is easier, especially with the launch of an initiative to be announced by Dubai Smart Office in cooperation with the Dubai Technology Center for Entrepreneurship and Banks. Qin helps entrepreneurs obtain a business license and open a bank account for the company, which will constitute a quantum leap to facilitate business for entrepreneurs.
The Working Group was formed about a year ago under the chairmanship of the Dubai Chamber, whose mission included providing a single platform that brings together all concerned stakeholders from start-ups, banks and government and legislative departments to facilitate business for startups.
The formation of this group came after the launch of the study of the challenges of opening a bank account for emerging companies launched by the Chamber in cooperation with the Ministry of Economy of the State and the Council of Projects and Small and Medium Enterprises and Roland Berger.
In a press statement yesterday, the Working Group highlighted the emergence of a renewed trend by some banks in the UAE to provide specialized solutions for emerging projects to meet the challenge of opening a bank account for emerging projects, noting that Mashreqbank recently launched a special product in coordination with the Department of Economic Development To support business entrepreneurs licensed by the department, while RAK launched a special account for emerging projects two months ago, in coordination with the working group to find solutions to the challenges of emerging projects.
The Group has witnessed a remarkable growth in the number of emerging projects specializing in financial technology since the launch of the specialized study. The number of these companies increased from 3 companies participating in the Dubai Smart Entrepreneur Competition last year to 12 companies participating in this year's competition, To study the options of startup companies.
The working group of the study has succeeded in enhancing cooperation and partnerships between banks and the incubator environment for emerging projects. Noor Bank has supported about 20 startups that have established their branches and offices at the Dubai Technology Center for Entrepreneurship by opening bank accounts with a 35% Compared to last year, while the significant support and facilities offered by the Dubai Technology Center for Entrepreneurship for Emerging Enterprises.
"The Ministry of Economy is working with the Dubai Chamber of Commerce and Industry and all the strategic partners in the country to enhance the competitiveness of entrepreneurship, start-ups and small and medium enterprises for citizens and investors," said Sultan bin Saeed Al Mansoori, Minister of Economy. To achieve the objectives of the UAE's economic strategy and the vision of the UAE 2021. "
The Director General of the Dubai Chamber of Commerce and Industry, Hamad Buamim, pointed out that the positive outcomes of the working group came in the interest of the emerging companies because they succeeded in overcoming the challenges they face in opening bank accounts and took concrete measures to activate cooperation and partnerships between the various parties concerned. Is continuing in these efforts that support entrepreneurs and emerging enterprises, and create an enabling environment conducive to success and development.
"Dubai Smart is committed to joining all efforts to empower startups in the UAE. Small and medium enterprises drive innovation, and are a key partner in our mission to spearhead the transformation of Dubai," said Dr. Aisha Bent Butti Bishr, To a smart city in the future, a task that will make innovation and the embrace of emerging technologies a necessary means for us to transform our services throughout the city into a smart one. "
"We are open in our cooperation with government and private entities to transform Dubai into the happiest and brightest city in the world, translating into the guidance of our wise leadership, and we are delighted to work with Dubai Chamber to engage the SME sector in Dubai's future plans."