UAE’s First Digital Business Bank Servicing Residents amid the Corona PandemicKWSME
The UAE continued its tradition of providing cutting edge services to its residents by launching the region’s first-ever digital business bank called the E20 —by the Emirates NBD. This business bank will give its services to entrepreneurs and SME businesses in these dire circumstances.
This digital business bank will enable all small money-makers such as the sole proprietors, freelancers, and small-to-medium sized organizations to open a bank account and allows them to carry out their day-to-day banking requirements from the comfort of their home. All they need to do is install a mobile app and get access to all the banking services efficiently and hence keep on doing their business even in these challenging times that the Corona Pandemic has forced upon.
According to a survey done by a reputable source, almost 65% of entrepreneurs doing business in the UAE think that banking is the greatest hardship that they faced during company formation in Dubai. This is because opening a corporate bank account in Dubai can take up to 3 months, that is a long time! But with E20, the entrepreneurs can open an account quickly. Also, it lets them do international transactions as well as allows them to pay their bills all on their smartphones. Furthermore, the customers will be able to get a checkbook, Debit Card and will be given access to Emirates NBD’s extensive network of ATMs and Cash and Check deposit machines to help manage their day-to-day banking needs.
Shayne Nelson, Group CEO of Emirates NBD, said that:
“The E20, UAE’s first-ever digital business bank has been developed to cater to the specific banking and financial management requirements of the business owners and other business professionals.”
The new bank is dedicated to providing an uninterrupted and seamless digital account opening that leverages new local developments such as e-KYC modules together with the UAE Pass for digital biometric-based identification, to go with other smooth, intuitive tools.
Other Services that E20 Renders to Facilitate the SMEs
Apart from the banking services, E20 also offers entrepreneurs other digital tools that give convenience to the customers and lets them continue their business activities amid the Coronavirus outbreak. Thus, preventing the country’s economy from coming to a complete standstill.
The services offered by the E20 include:
- Generation of invoices to keep as a record.
- Track receivables
- View P&L statements
- Make timely payments to your vendors and suppliers.
- Give information on VAT returns.
- Gives a detailed bank statement that will help customers run their businesses more efficiently.
On top of that, customers will have round the clock access to a Relationship Manager through an in-app live chat messenger to assist them with any inquiries or requests they may have.
Additional Actions Taken for SMEs in the UAE Amidst the COVID-19 Outbreak
Amid the Coronavirus outbreak, the Middle Eastern economy will witness a sharp slowdown in the first quarter of 2020 despite giving several stimulus packages to cushion its blow. However, the UAE government is blessed with incredible and visionary leadership that is always ahead of its peers and is continually thinking about ways to make life easier for its residents.
In the UAE, small and medium-sized business setups make about 98% of the business landscape of the country. They contribute about 53% of the country’s GDP. The government is employing its entire energy and resources to keep these businesses up and running by creating strategies that are specifically targeting SMEs
with their financial products.
The UAE is the only country in the world that has launched a debit card for SMEs. The reputed banks like Noor Bank and First Abu Dhabi Bank have rolled-out this card that has all the benefits of the traditional business debit and credit cards plus other hosts of advantages like tighter security and higher withdrawal limits. These initiatives will surely minimize the damage caused by Global pandemic.
The Middle Eastern peninsula has applied similar measures to the rest of the world to contain the rampant spread of the Coronavirus, with varying severity of restrictions. Current prohibitions include travel bans, closure of most public venues, including schools, and a ban on public gatherings, and a cessation of some industrial activities.
Mindful of the consequence of the isolation and semi-shutdown of the economy, The UAE authorities have followed the lead of other countries and taken steps to sustain demand. For instance, its banks have slashed the cost of borrowing. Other measures include custom duty exemptions, rent relief, loan deferment, cheaper utility costs, and credit guarantees for SMEs.
The UAE government is trying its level best to help SMEs in every possible way as they contribute heavily to the economy of the country. We at KWS Middle East are here to help you with the business setup in dubai procedures all across the UAE.
Contact us today and book your commitment-free call with us today!.