Abu Dhabi: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed a Memorandum of Understanding with Al Maryah Community Bank (Mbank), a leading digital bank in the United Arab Emirates, to enhance joint cooperation aimed at supporting business growth in the Emirate of Abu Dhabi. The MoU aims to consolidate the Emirate’s position as an attractive destination for investments by providing integrated banking services and facilities to the private sector, including entrepreneurs.

The MoU was signed by H.E. Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, and Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, during an official ceremony which was held in the Chamber’s building in the presence of representatives from two sides.

The MoU states that both sides shall strengthen their collaboration to support the members of the Abu Dhabi Chamber in managing and financing projects. This is achieved by providing innovative digital banking services that support investors to finance their projects, propel their businesses forward, and manage their financial operations effectively and safely.

Members can now easily open a business bank account and enjoy a vast range of products such as online and mobile banking, savings and current accounts, wages protection system (WPS), overdrafts, loans, and trade finance, among others. Moreover, Mbank will be offering the Chamber’s members the opportunity to open a business bank account for free, without any minimum balance requirements, in less than 48 hours. The bank will also offer business owners the advanced Digital Connect service, whereby they can connect with Mbank's customer service agents via secure live video calls, eliminating the need for paperwork or in-person branch visits.

H.E. Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, said: “The signing of the MoU with Al Maryah Community Bank comes as part of the Chamber’s commitment to encourage investment in the Emirate of Abu Dhabi. The partnership will contribute to offering innovative digital banking solutions to the members of the Abu Dhabi Chamber, supporting them to fund and advance their projects to achieve excellence. This aligns with our objectives aimed at fostering an ecosystem that supports investment".

"We are keen to enhance cooperation with various local and international entities to exchange knowledge and expertise, launch initiatives, and implement innovative projects, to come up with solutions that support business growth. This contributes to consolidating the Emirate's position as a leading destination for investment," H.E. added.

Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented: “We are very proud to be partnering today with the Abu Dhabi Chamber of Commerce and Industry with the main purpose of serving the public interest and developing the UAE community; especially the local and federal establishments in Abu Dhabi. At heart, we want to enable entrepreneurs to reach their full potential and support them by offering their banking and investment needs through a range of smart, innovative, convenient, and fully digital financial solutions”.

He added: “Our joint efforts reflect our commitment towards promoting local enterprise development in Abu Dhabi. We are confident that our easy, simple, and fully digital banking solutions will pave the way for the growth and success of businesses in Abu Dhabi and the UAE community.”

As a result of the MoU, the two parties will also work together to launch joint initiatives and projects, and organise conferences, lectures, workshops and seminars targeted to entrepreneurs, to promote investment in the Emirate of Abu Dhabi.

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.