Dubai - Mubasher: Emirates NBD, a leading banking group in the region, on Wednesday announced the launch of E20., the first digital business bank in the UAE for entrepreneurs and small- and medium-sized enterprises (SMEs).
Under the new service, start-ups, sole proprietors, freelancers, gig economy workers, fintechs, and insurtechs can promptly open a bank account and seamlessly conduct their day-to-day banking requirements via a mobile app, according to a press release.
Additionally, E20. will offer access to a wide range of services including Emirates NBD’s extensive ATM & CDM network to help customers manage their business.
The custom-built digital business bank will also enable customers to carry out local and international transfers as well as make bill payments, the Dubai-based bank noted.
Shayne Nelson, Group CEO of Emirates NBD said: “The new bank will have seamless digital account opening which leverages new local advancements such as e-KYC modules as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools.”
“E20. will help business owners manage their finances and cash flows efficiently and in an affordable manner while also powering their decision-making and growth plans,” Nelson added.
Moreover, E20. will help business owners to “generate invoices, track receivables, view P&L statements, make and reconcile payments to vendors and supplier” as well as deliver information on value-added tax (VAT) returns.
The beta launch of E20. will be available by invitation-only to a chosen group of entrepreneurs and it will be opened for business customers after the completion of the beta phase by the first quarter of 2020.
