Award recognises new App for SMEs within two months of launch

• With App IBAN issued in minutes, with no fees, minimum balance

Abu Dhabi: Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda, has announced that its new Business Banking App has been conferred the Product of the Year honour at the Fintech Abu Dhabi Awards 2021.

This is a major recognition to the EDB App within couple of months of its launch. The award recognises the significance of the Business Banking App, which was designed to support the SMEs operating in the UAE. The prestigious Fintech Abu Dhabi Awards highlights the work and initiatives of fintech startups, entrepreneurs, and established companies within the global fintech arena.

Held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice President of the Abu Dhabi Executive Council, the Fintech Abu Dhabi Awards were handed over as part of the 5th annual Fintech Abu Dhabi Festival organised in the UAE capital by the Abu Dhabi Global Market [ADGM].

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said: “The Fintech Abu Dhabi Awards for our Business Banking App is a major recognition for Emirates Development Bank. This award is testimony to our effort in enabling startups and the SME community by addressing key challenges that they face and proving them with innovative solutions. The success of the App within months is a huge milestone for us at EDB as well as our partners and we look forward to building on this success with more world-class products and first-class user experiences.”

Developed in partnership with YAP, a leading UAE-based fintech, the App offers SMEs access to 24×7 secure, convenient, on-the-go digital banking services. Providing an unmatched digital bank account user experience, the business account IBAN is reserved in a matter of minutes with the App, and account activation is completed in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria.

The App also aims to offer a comprehensive suite of banking facilities including a fully operational business bank account, bill payments, invoicing, budgeting, and analytics.

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.

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.