Emirates Development Bank launches Business Banking App for SMEs in partnership with YAP

integration of new trends presented at the Summit into the development of digital and innovative services directed at the market, and the increased adoption of digital software specific to the market will catapult its growth". He further highlighted the country's keenness to strengthen its global partnerships and explore new opportunities in this field to serve the 50 year charter and achieve the country's future visions. Furthermore, Bin Touq and Al Zeyoudi reviewed the most prominent developments in the UAE’s economic environment in the past stage, including the ‘Projects of the 50’ that comprise the 10×10 Export Development Program, the new residence system, the strategy to attract and retain talent, and the Emirates Investment Summit. These initiatives represent pillars of the future economy and the country’s preparations to enhance the pace of development over the next five decades. He also reviewed a number of new economic legislations and qualitative initiatives launched by the country to transition into a new knowledge-based economic model that is flexible, competitive and sustainable, and embraces talent and pioneering projects. The modernisation of the UAE’s economic environment will catalyze the generation of new opportunities for cooperation and partnership between the UAE and the USA at the government and private sector levels during the next stage, he noted. On the sidelines of its participation in the Summit, the country's delegation held a number of meetings with global entrepreneurs and investors to discuss prospects for cooperation in a number of areas of common interest, with a focus on sectors and activities related to innovation, digital services and advanced financial technology. The delegation called on investors from the participating countries to explore promising opportunities in the country's markets and shed light on the UAE’s advanced legislative environment. The recent qualitative developments in the country's economic model and the launch of 50 strategic projects that will push economic growth to new horizons during the next stage were also highlighted. The 11th edition of the SALT Summit was held in Abu Dhabi, the first time to be held in the Middle East and North Africa region. It was hosted by the Abu Dhabi International Financial Market from 9 to 11 December, 2019.

ABU DHABI, 20th September, 2021 Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, is launching the EDB Business Banking app in partnership with YAP, a leading UAE-based fintech, to support small and medium-sized enterprises operating in the UAE. The launch of the app is integral to EDB’s new strategy unveiled earlier this year. As part of this strategy, EDB has earmarked AED30 billion to extend financial and non-financial support to SMEs in the UAE over the next five years. The EDB Business Banking app offers SMEs access to 24x7 secure, convenient, on-the-go digital banking services. The app provides an unmatched digital bank account user experience. With the app, the business account IBAN is reserved in a matter of minutes and account activation completed in 48 hours. The account is free to all, across all Emirates, with no minimum balance criteria. Commenting on the launch, Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, told the Emirates News Agency (WAM) that the EDB Business Banking app provides a groundbreaking solution to the challenges encountered by entrepreneurs while opening a bank account, the requirements of which are somewhat difficult for them to meet. "The new product enables entrepreneurs to open bank accounts and manage their business without paying additional fees or maintaining a minimum balance to keep their account open," he said, adding that the new app acts as a business incubator for entrepreneurs. "EDB has developmental rather than commercial objectives to achieve. It addresses the needs of all types of entrepreneurs," the minister added, expecting a growing demand for the advantages and services provided via the new app, given that over 500,000 SMEs are already operating in the country. Part of EDB’s commitment to innovation and adoption of advanced technology, this revolutionary app powered by YAP will combine efficient set-up, transactional services and access to lending products, helping SMEs kickstart their business. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said: "The launch of our Business Banking App underlines our commitment to create a digital ecosystem enabling SMEs to plug and play, anywhere in the UAE. One of the key challenges for SMEs is the ability to open a bank account within a short timeframe. With this app, we are addressing this market need through a free, open-to-all digital bank account which can be opened in minutes. In addition, our partnership with UAE-based fintech YAP, ensures a first-class user experience and continuous upgrades, offering the latest technology and benefits." He added: "We have listened to SME’s challenges and have integrated every aspect of their needs into our business banking experience, completely transforming their ability to get their business up and running