- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:26 06:39 12:34 15:52 18:24 19:37
Emirates NBD today announced that it has created E20., the UAE’s first digital business bank for entrepreneurs and Small and Meduim-sized Enterprises, SMEs, businesses.
In a press release issued by Emirates NBD on Wednesday, E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account and carry out their day-to-day banking requirements easily through a mobile app as well as access a variety of services to help them in managing their business.
Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said, "Emirates NBD has a shared commitment to the growth and development of young businesses in the UAE and we are pleased to be launching E20., a custom-built digital business bank that will support the courage of entrepreneurs and enable start-ups as well as emerging and established small business owners to access banking services and more, seamlessly and conveniently, helping them focus more of their time on growing their business."
According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65 percent of UAE entrepreneurs surveyed believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases.
However, the digital bank will enable business customers to promptly open a bank account, carry out local and international transfers, as well as make bill payments, all on their smartphones. Customers will also be able to obtain a cheque book and debit card, and have access to Emirates NBD’s extensive ATM & CDM (cash and cheque deposit machines) network to help manage their day-to-day banking needs.
For his part, Shayne Nelson, Group CEO of Emirates NBD, stated that the new bank will have seamless digital account opening which leverages new local advancements such as e-KYC modules as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools.
In addition to providing banking services, E20. will provide business owners the digital tools to conveniently generate invoices, track receivables, view profit and loss statement as well as make and reconcile payments to vendors and suppliers.
E20. will also deliver information on VAT returns and provide insights on expenses and cash flows which will help customers run their businesses more efficiently, along with features to help them get paid quicker. Furthermore, customers will have 24/7 access to a Relationship Manager through an in-app live chat capability to help them with any requests they may have.
The digital bank's beta launch will be initially available by invitation-only to a select group of entrepreneurs, allowing them to test key features such as the digital onboarding journey and provide feedback. The co-created digital business bank will open to UAE business customers following the successful completion of the beta phase by Q1 2020.
E20. is Emirates NBD’s second digital bank, following the success of Liv., the UAE’s first lifestyle-based digital bank for millennials and Gen-Z launched in 2017.
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