Emirates Development Bank’s (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, new Business Banking App has been recognized as ‘Product of the Year’ at the Fintech Abu Dhabi Awards 2021.
The award recognizes the importance of the Business Banking App, which was designed to support the small and medium-sized enterprises (SMEs) operating in the UAE. It is also worth noting that EDB’s new app secured this major recognition within a couple of months of its launch.
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 organized by the Abu Dhabi Global Market (ADGM).
“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.”
The Business Banking App is a key part of EDB’s new strategy unveiled earlier this year. As part of this strategy, the bank has earmarked $8 billion to extend financial and non-financial support to SMEs in the UAE over the next five years.
The App, developed in partnership with YAP, a leading UAE-based fintech, offers SMEs access to secure, convenient, on-the-go digital banking services. 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.
Business Banking App also aims to offer a comprehensive suite of banking facilities including a fully operational business bank account, bill payments, invoicing, budgeting, and analytics.