Al Maryah Community Bank (Mbank), the UAE’s leading digital bank, has signed a Memorandum of Understanding with Ras Al Khaimah Economic Zone (RAKEZ).
This collaboration aims to streamline the process of account opening for businesses establishing themselves in RAKEZ through Mbank’s fully integrated digital platform. The partnership will also provide RAKEZ business community with various banking options to meet the needs of clients.
Through Mbank’s Corporate Platform, all companies under RAKEZ business community can open a fully digital business account in six simple steps, in less than 48 hours, with zero minimum balance, and zero monthly fees; gaining access to a comprehensive suite of secure, customized, and advanced digital banking solutions.
The Corporate Account will provide RAAKEZ-registered companies with access to a diverse array of offerings such as Current & Savings Accounts, Online/Mobile Banking, the Wages Protection System (WPS), Overdrafts, Loans, Trade Finance, among other services.
In addition to this, the Corporate Platform offers advanced functionalities like real-time account monitoring, customizable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools. With these features, businesses can efficiently manage their financial operations, improve cash flow and overall financial performance.
Moreover, Mbank Digital Connect service helps business owners connect with Mbank’s customer service agents via secure live video calls for assistance, eliminating the need for in-person branch visits.
Ramy Jallad Group CEO – RAKEZ
“We are happy to partner with Al Maryah Community Bank as we continue to expand our network of strategic banking collaborations. This new alliance with Mbank will provide our business community with a variety of banking options that cater to their unique needs. With the addition of Mbank’s cutting-edge digital banking services, we are further enhancing the ease and efficiency of corporate account openings for our clients. It will support the financial agility of businesses and help them thrive in a competitive marketplace.”
Mr. Humaid Al Attar, Head of Wholesale Banking at Al Maryah Community Bank, stated that, “We are thrilled to announce our collaboration with RAKEZ today. This partnership marks a significant step as we broaden our network and extend our services throughout the UAE. At Mbank, our mission is to support the community, and we are excited to assist entrepreneurs in RAK by streamlining their corporate account openings and providing them with products and services designed to enhance their businesses and help them achieve their maximum potential.”
Suresh Yeraballi, the Corporate Product Manager at Mbank, commented that, “Collaborating with RAKEZ allows us to offer their registered companies a range of products and services, user-friendly, and innovative digital financial solutions. Further, this collaboration is crucial for promoting growth and success in Ras Al Khaimah and the wider UAE community.”
RAKEZ, the UAE’s leading business powerhouse and industrial hub in the UAE, offers customizable solutions to over 23,000 free zone and non-free zone businesses. From freelancers and startups to SMEs and industrialists, RAKEZ’s multinational business community has grown in more than 50 sectors.
