- IBAN issued in minutes, account activation as fast as 48 hours
- No fees and no minimum balance
- Open to all businesses, across all Emirates
Abu Dhabi: 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 leading 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 24×7 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 agreement with leading 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).
NEW BUSINESS BANKING APP FOR SMES – FACT SHEET
In early 2021, Emirates Development Bank launched its new strategy to offer AED 30 billion as financial and non-financial support to small and medium-sized enterprises in the UAE over the next five years.
In line with the new strategy and commitment towards innovation and adoption of advanced technology, EDB launches its now business banking app. Powered by YAP, EDB’s business banking app will combine efficient set-up, transactional services & access to lending products, helping SMEs kickstart their business.
Business Banking App Features
- Offers SMEs access to 24×7 secure, convenient, on-the-go digital banking services
- Free to all, across all Emirates, with no minimum balance criteria Account can in applied for in seconds online
- Business account IBAN is reserved in a matter of minutes
- Account activation completed as fast as 48 hours
- Offers a comprehensive suite of banking facilities including a fully operational business bank account, bill payments, invoicing, budgeting, and analytics.
The EDB Business Banking App will be continuously upgraded to provide clients with the latest features/services available in digital business banking.
About Emirates Development Bank:
Emirates Development Bank [EDB], headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai.
About YAP:
YAP is redefining the fintech sector in the Middle East, Africa and South Asia by creating smarter and faster financial tools. The app offers a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchase, virtual cards and more. With an extensive database of resources at their fingertips, users can go from financially inexperienced to expert money managers. YAP partners with RAK Bank in the UAE to provide IBAN and BIN sponsorship for individuals, and with the EDB for business banking. YAP’s application is available on iOS and Android.
