Digital bank for SMEs created

Business Bureau, Gulf Today

Dubai: Emirates NBD, a leading banking group in the region, has created E20., the UAE’s first digital business bank for entrepreneurs and SME businesses. E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account and carry out their day-to-day banking requirements easily through a mobile app as well as access a variety of services to help them in managing their business.

Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said, “Emirates NBD has a shared commitment to the growth and development of young businesses in the UAE and we are pleased to be launching E20., a custom-built digital business bank that will support the courage of entrepreneurs and enable start-ups as well as emerging and established small business owners to access banking services and more, seamlessly and conveniently, helping them focus more of their time on growing their business.”

According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65 per cent of UAE entrepreneurs surveyed believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases. E20. will enable business customers to promptly open a bank account, carry out local and international transfers as well as make bill payments, all on their smartphones. Customers will also be able to obtain a cheque book and debit card, and have access to Emirates NBD’s extensive ATM & CDM (cash and cheque deposit machines) network to help manage their day-to-day banking needs.