A new digital bank for entrepreneurs and SMEs has been launched by Dubai’s Emirates NBD.
Known as E20., the digital bank will enable start-ups, sole proprietors, freelancers, gig economy workers, fintech firms, insurance startups and small-to-medium sized companies – among others – to open a bank account and carry out their day-to-day banking requirements through a mobile app, as well as access a variety of services tailored to their specific needs. Emirates NBS claims it’s the first digital bank in the UAE specifically for entrepreneurs and SMEs.
According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65% of UAE entrepreneurs surveyed believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases.
The beta launch of E20. will initially be available by invitation-only to a select group of entrepreneurs. The full launch is expected to take place in the first quarter of 2020.
E20. is Emirates NBD’s second digital bank. It previously launched Liv., geared towards Millennials and Gen Z, in 2017.
The launch of E20. is the latest move for Emirates NBD. Earlier this year, Dubai’s largest bank raised its foreign ownership limit to 20 per cent, up from 5 per cent. The move pushed its stock to a 12-year high.
Source: Gulf Business
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