ENBD launches the first digital business bank in the UAE
Business Dubai FinTech Technology UAE

Emirates NBD launches E20 – UAE’s first digital business bank for entrepreneurs and SMEs

Emirates NBD announced the launch of E20, the UAE’s first digital business bank customers that will enable customers to open a bank account, carry out transfers and payments on smartphones.

E20 targets entrepreneurs and small and meduim-sized Enterprises, SMEs, and businesses. The bank will allow 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 smoothly through a mobile app as well as access different services to help them in managing their business.

A recent report released by Dubai Chamber states that most UAE entrepreneurs believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases.

Here is a list of services this digital bank has to offer for its business clients:

1. The 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.

2. Customers can 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.

3. 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.

4. It will 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.

5. 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 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.

E20 will be open to UAE business customers following the successful completion of the beta phase by Q1 2020.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.