Emirates Development Bank joins with India’s Zoho to support SMEs growth

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Representational Image

UAE Federal Government fully-owned financial entity Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with Indian multinational technology company Zoho Corporation to support the growth of Small and Medium-sized Enterprises (SMEs) in the Emirates.

The partnership between the two entities aims to help EDB clients with cost-competitive enterprise solutions to help them achieve successful digital transformation and realize the full potential of their businesses. Further, it is in line with EDB’s strategy to expand financial and non-financial support to SMEs in the UAE.

As part of the agreement, Zoho One, an all-inclusive suite of 45+ applications that seamlessly connect diverse business functions (sales, marketing, customer support, finance, HR, and collaboration), will be made available to EDB’s SME clients at discounted rates.

Ahmed Mohamed Al Naqbi
Ahmed Mohamed Al Naqbi

“Emirates Development Bank is poised to play a transformative role in the furthering the industrialization of the UAE economy and will be a key player to serve the financial needs of different critical sectors of the economy. Technology will be the bedrock of realizing this aspiration. This agreement will help elevate EDB’s offerings to our intended customer segments as part of our mandate to drive the development priorities of the fast-changing UAE economy.”

As per the agreement, EDB customers will get Zoho Wallet credits worth $900 to purchase Zoho One, while new EDB customers can avail of the solution for $1800, subject to fulfillment of the stipulated terms and conditions.

“With the right tools and technology at their disposal, these SMEs can scale digitally, expand into wider markets, and contribute better to national prosperity. And a partnership with an industry leader like EDB will enable us to extensively help hundreds of businesses avail easy access to cost-efficient enterprise solutions and unlock new growth levels through business automation, integration, and intelligence benefits,” said Mr. Ali Shabdar, Regional Director of MEA, Zoho Corporation.

Furthermore, Zoho and EDB will collaborate to organize outreach programs, online training workshops, and instructive thought-leadership webinars led by industry professionals to promote effective technology transfer and help organizations successfully navigate their digital transformation path.

Related: UAE’s EDB join forces with NBQ to offer strategic financing options for SMEs