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Abu Dhabi: Al Maryah Community Bank (Mbank), a leading digital bank in the United Arab Emirates, signed a Memorandum of Understanding with Meydan Management Services (MMS) with the aim of providing integrated banking facilities to all types of businesses wishing to establish themselves in the Meydan Free Zone (MFZ). Entrepreneurs will be offered the ability to open a fully digital business bank account through the Mbank online Corporate Platform in 6 simple steps, in less than 48 hours, with zero minimum balance, and zero monthly fees.
This dual partnership aims to establish grounds for cooperation to enable business owners and support them in accessing a wide range of value-added banking facilities by providing them with advanced, customized, secure and accessible digital banking solutions.
Meydan represents the visionary concept of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. Its mission is to enhance accessibility to entrepreneurship, inspire business growth, and cultivate a vibrant, interconnected ecosystem for innovators. Since its launch in 2010, Meydan has garnered global attention, focusing on a future-oriented strategy, aimed at empowering businesses to thrive. The free zone provides a comprehensive suite of tools and resources to support companies operating within its framework, ensuring their success.
Under this agreement, Mbank will provide a diverse range of financial products designed for all business types, including sole proprietorships, partnerships, and corporations. Offerings will encompass online and mobile banking, savings and checking accounts, the Wages Protection System (WPS), overdrafts, loans, and trade finance.
To further enhance the experience for business owners, Mbank introduces its Digital Connect service, which allows clients to connect with customer service agents via secure live video calls. This innovative approach eliminates the need for paperwork and physical branch visits, providing efficient support tailored to the needs of modern businesses.
“We are excited to partner in this initiative, as it reflects our commitment to empowering businesses with the tools they need to thrive,” said the Product Manager, Suresh Yeraballi at Mbank. “Our goal is to simplify financial management for our clients and support their growth in a rapidly evolving market.”
Mr. Humaid Al Attar, EVP - Head of Corporate & SME Banking at Mbank, stated: “We are proud to partner with Meydan Management Services to serve the public interest and support the development of the UAE. It is an honor to contribute to His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s visionary projects that empower business owners to innovate and grow within our community. We are excited to provide them with smart, innovative, and convenient financial tools for their entrepreneurial journeys.”
He further emphasized: “Our collaboration with Meydan Management Services underscores our commitment to promoting local enterprise development in Dubai. We are confident that our simple, fully digital banking solutions will facilitate business growth and success across Dubai and the UAE.”
Mohammed Bin Humaidan, Director of Free Zone, Leasing and Licensing, said: “We are delighted to host representatives from Mbank and are excited to explore new opportunities for cooperation and mutual growth.”
About Al Maryah Community Bank
Al Maryah Community Bank is the first fully integrated digital bank in the UAE, providing an omnichannel experience for both individual consumers and small businesses. The bank is highly specialized, focusing on growth and serving the UAE community, which includes UAE Nationals, residents, and businesses (both SMEs and corporates). The bank's vision aligns with that of the UAE's leaders, who are committed to supporting individuals and small businesses within the UAE economy and fostering a forward-thinking culture that emphasizes innovation and technology.
For further information, please contact us on info@mbankuae.com.