Emirates Development Bank highlights technology focus and expertise

Emirates Development Bank (“EDB” or “the Bank”), the financial engine for UAE economic development and industrial advancement, is participating in the annual Middle East Banking Innovation Summit in Dubai.

The two-day event brings together over 400 senior bankers from across the MENA region to explore advances in banking, fintech, network and drive business conversations at Jumeirah Emirates Towers.

EDB’s participation includes a dedicated stand to showcase its patient debt approach and laser-focus on developmental impact while sharing the Bank’s perspective on digital banking technology as an enabler of convenient business banking and quick loan decisions.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “EDB is committed to delivering financing solutions for businesses with developmental impact in the UAE, helping them grow their businesses while uplifting the nation’s ambitions. We recognize the importance of not only utilizing best-in-class technology solutions ourselves but also helping to build the digital ecosystem that underpins modern banking. We view technology as a great facilitator of our work, and we continue to embrace it and seek out the most viable, effective, and useful applications for our customers for convenience in services such as account opening, and loan applications amongst others.’

During the Middle East Banking Innovation Summit, EDB will take part in a panel discussion entitled: “Retail & Commercial Loans, Mortgages & Lending: Next-Gen Technology Platforms Empowering Digital Transformation & Access to Capital”. Speaking at the panel, Shaker Zainal, Chief Business Officer at EDB, will highlight the Bank’s digital offerings, partnerships and ventures, and tailored solutions to help large corporates, SMEs and startups.

With a sharp focus on the manufacturing, advanced technology, food security, healthcare, and renewables sectors, EDB provides a wide range of financing solutions to support businesses and enable them to achieve their full potential.

EDB offers its digital services to UAE-based SMEs through the ‘EDB Business Banking’ app, which provides a business bank account and an IBAN number within 48 hours, along with a comprehensive range of fast, secure, and round-the-clock banking services. To further enable SMEs, EDB has partnered with Beehive, integrating a digital lending feature that allows eligible SMEs to apply for loans of up to AED 5 million directly through the ‘EDB Business Banking’ app and receive approval or feedback within five days. For a seamless user experience, the app is integrated with UAE Pass. Since its September 2021 launch, the EDB Business Banking app has achieved remarkable success, welcoming over 2,094 customers within its inaugural year of operation up until December 2022.