Al Maryah Community Bank (Mbank), a leading digital bank in the United Arab Emirates, has joined forces with the Khalifa Fund for Enterprise Development to launch a new Corporate Banking Platform. This collaboration aims to streamline financial operations and empower businesses of all sizes in the UAE.
The announcement comes after the two organizations signed a Memorandum of Understanding (MoU) earlier in June 2023. The Corporate Banking Platform, accessible through Mbank's mobile app, allows businesses to open fully digital accounts in just six steps, taking less than ten minutes with no minimum balance or monthly fees. This initiative signifies a significant shift towards a more digital and accessible banking experience for UAE businesses.
Highlighting the significance of the platform, Alia Al Mazrouei, CEO of Khalifa Fund, emphasized its role in supporting entrepreneurs. "The Corporate Banking Platform will equip businesses of all sizes with a user-friendly and efficient tool to manage their finances, " she stated. "In today's dynamic business environment, streamlining financial operations is essential, and this platform is a perfect solution. " Al Mazrouei went on to express her enthusiasm for the ongoing partnership with Mbank, underscoring its contribution to empowering UAE entrepreneurs with access to advanced banking solutions.
Mbank's CEO, Mohammed Wassim Khayata, echoed similar sentiments, recognizing the platform's potential to transform the banking landscape for businesses. "We're delighted to introduce the Corporate Banking Platform alongside the Khalifa Fund, " he remarked. "This collaboration aligns perfectly with our commitment to serving the UAE community, particularly UAE national entrepreneurs. The platform offers a comprehensive suite of digital banking solutions, empowering businesses to manage their finances effectively and navigate the evolving marketplace with greater agility. "
Beyond offering a convenient account opening process, the Corporate Banking Platform provides businesses with a variety of features designed to simplify financial management. These features include online transactions, digital tools for managing cash flow, and access to financial reports. The platform is expected to be particularly beneficial for small and medium-sized enterprises (SMEs) seeking to streamline operations and increase efficiency.
This partnership between Al Maryah Community Bank and the Khalifa Fund reflects a growing trend in the UAE's financial sector. Banks are increasingly recognizing the need to cater to the requirements of a digitally-driven business environment by offering user-friendly online platforms and financial tools. The Corporate Banking Platform is a prime example of this shift, providing businesses with the resources they need to thrive in the digital age.