Launch a new application that provides start-ups with a comprehensive set of facilities
Emirates Development allows companies to open bank accounts without prior deposits
during application launch.
From the source
The Emirates Development Bank launched the banking services application, to support and provide capabilities for small, medium and emerging companies in the country, indicating that the application is available to all companies and institutions operating in the country, without a minimum balance.
In statements on the sidelines of a press conference held yesterday, the bank indicated that it allows opening accounts without any prior deposits.
It is noteworthy that most banks impose on small companies a pre-deposit of money before opening the account, which in some banks reaches up to 150 thousand dirhams, which is considered one of the conditions that represent an obstacle to emerging and small companies.
Partnership with «YAP»
The bank has partnered with YAP, a financial technology company in the UAE, to launch its banking services application, which combines its services, with the support of YAP, between high efficiency of settings and transaction services, with secure and flexible access to various banking financing products.
The banking application, in partnership with YAP, will provide a comprehensive suite of facilities for businesses, including all aspects of commercial bank accounts, billing and preparation, budgeting and analytics.
Quantum leap
The CEO of Emirates Development Bank, Ahmed Mohamed Al Naqbi, said that the launch of the new application will be a quantum leap in establishing our leadership as a preferred banking destination for small and medium-sized companies and entrepreneurs, as well as supporting our mission of achieving sustainable financial development for the bank and its partners alike.
He added that the application provides an unparalleled experience for users of digital bank accounts, and allows the issuance of an international bank account number within minutes, so that the account activation is completed within 48 hours, stressing that the application is available to all companies and institutions operating in the country and without a minimum balance.
Al-Naqbi stressed the importance of the application in providing digital services to companies, to enable them to launch and practice their businesses with ease and speed.
In turn, the CEO of YAP, Marwan Hashem, said: "We are pleased to cooperate with the Emirates Development Bank to launch a modern service through a highly advanced application for small and medium-sized companies that are looking for smoother solutions for banking services," stressing that all the company's products aimed at individuals and companies focus on Make their experience enjoyable and comfortable.
Warranties Program
The launch of the banking services application, affiliated with the Emirates Development Bank, comes as a continuation of the credit guarantees program to finance small and medium companies, and in support of the agreements signed by the bank with local banks, to provide programs for credit guarantees and joint lending, through direct and indirect lending to small and medium companies.
It is noteworthy that the Emirates Development Bank’s strategy makes the bank a supportive investment arm for start-ups and small and medium-sized companies (through working as a business accelerator, providing capital financing, and launching a fund to support business growth), in addition to providing advisory services to entrepreneurs, startups and small companies (including training, guidance, and market research).
• The application is available to all companies and institutions operating in the country, without a minimum balance.
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