Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the nation, and Abu Dhabi Global Market (ADGM), an international financial center (IFC) located in Abu Dhabi have announced the signing of a Memorandum of Understanding (MoU), to identify collaborative opportunities that will further support companies looking to set up operations in ADGM.

Emirates Development Bank will be supporting ADGM licensed entities including SMEs, and Corporates by providing preferential banking services which includes fast and efficient opening of banks through EDB’s digital solutions. Both parties will collaborate to enhance the ADGM client onboarding experience and simplify the bank account opening process for ADGM’s clients. The Bank will also explore financing requirements for ADGM entities and large multinational corporations, on the basis of due diligence and feasibility studies performed.

Furthermore, the two entities will explore education and engagement opportunities. This will be done through several digital labs specially- designated for Fintech-related events and workshops, to further improve knowledge and exchange between both entities and companies looking to establish a presence in ADGM.

EDB and ADGM will also look to develop a strategic framework to create an ecosystem and further support Fintech companies. This will be done through several digital labs tailored towards Fintech related events and workshops that will lead to initiatives built out in the future. In addition to this, EDB will work with ADGM to support its startups in establishing themselves on EDB’s digital platform which offers digital solutions to both SMEs and Corporates.

SMEs, startups, and Fintech companies play an important and prominent role in contributing to the economic growth and diversification of the UAE. With EDB as the UAE’s development bank and ADGM an attractive hub in the capital of the UAE, both entities are in strong positions to offer best-in-class services that will support the establishment and expansion of businesses within the financial center.

Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank said: “EDB continuously works with key stakeholders to identify opportunities that will further support the growth of SMEs and startups in the region and enhance their bankability. As a well-established financial center, ADGM is home to companies of all sizes in the region, attracting both foreign and local investors. We are delighted to have formed this dynamic partnership with ADGM and look forward to providing financing solutions, our tailored digital banking platform, and our mentoring and educational services to support the sustainable development of businesses of strategic importance to the UAE within ADGM.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM authority said, “ADGM is delighted to partner with Emirates Development Bank to better serve ADGM’s evolving and thriving business ecosystem. This agreement is an extension of our ongoing cooperation and commitment to develop, foster and expand Abu Dhabi and UAE’s financial landscape. We are eager to work closely with the EDB team to contribute towards the sustainable growth of the capital emirate’s economy, while also providing our network of clients with exceptional banking experiences and tailor-made financial solutions for their business needs.”

Most recently, EDB introduced its latest a digital lending feature offered in partnership with peer-to-peer (P2P) lending platform Beehive that allows SMEs to apply for loans of up to AED5 million (directly through its Business Banking app and receive approval or feedback within five days. The lending service is available for UAE-based SMEs operating in EDB’s five priority sectors – manufacturing, healthcare, food security, advanced technology, and infrastructure – and is available for various tenors of up to 60 months.