Emirates Development Bank, a key financial engine for the economic development and industrial advancement of the UAE is pleased to have received the ‘Best Customer Experience Digital Platform’ award in recognition of its digital ‘Business Banking’ app at the Middle East Banking AI & Analytics Summit.
As part of its commitment towards UAE SMEs and start-ups, the bank launched the ‘EDB Business Banking’ app in 2021, to simplify the process of opening up bank accounts and to allow businesses to register and receive an IBAN within 48 hours. The EDB Business Banking app also features a lending service that allows SMEs to apply for loans of up to AED5 million directly through it and receive approval or feedback within five days. Since the launch of the app in September 2021, EDB has successfully on-boarded 2,094 customers.
Held in Dubai, the Middle East Banking AI & Analytics Summit is unique to the region, offering senior-level executives and decision makers from the banking and financial services industry the opportunity to connect with experts from the AI and analytics sector to discuss latest trends and collaborate on developing forward-looking solutions.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, received the award on behalf of the Bank during the summit, while Krishna Kumar Nair, Chief Operating Officer of EDB, delivered a keynote speech, offering his insights and expertise on the changes in banking business models, the developmental banking domain, and the strategic role Emirates Development Bank plays.
Commenting on the Bank’s achievement, Ahmed Mohamed Al Naqbi said: “We are proud to have been recognised for our industry-leading digital ‘EDB Business Banking’ app as we continue to enhance the banking experience for SMEs operating in the UAE. Driving digital transformation in key sectors remains at the forefront of the UAE’s national agenda, and as part of the Bank’s wider strategic mandate we will continue to seek opportunities and partnerships to further accelerate the industry and position the UAE as an attractive business and financial hub in the region.”
Among the major achievements of the Bank over FY 2022, was the approval of AED 6.1 billion in loans, representing a 673% increase over the previous year. A total of AED 1.8 billion in loans was approved to SMEs for FY 2022, representing a 387% increase over FY 2021. This comprised AED 1.2 billion of direct financing and AED 611 million of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. Loans disbursed via the EDB micro-lending platform powered by Beehive surpassed the AED 100 million threshold.