Al Maryah Community Bank Collaborates With DMCC For Easier Business Banking

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Al Maryah Community Bank (Mbank), the UAE's first digital bank, has signed a Memorandum of Understanding (MoU) with Dubai Multi Commodities Centre (DMCC). This partnership aims to simplify the account opening process for businesses within DMCC through an integrated digital platform provided by Mbank.

Using Mbank's Corporate Platform, companies looking to establish themselves in DMCC can now digitally complete their business bank account opening in just six steps, within 48 hours. This account has no minimum balance requirements or monthly fees, offering businesses access to a comprehensive suite of secure, customised, and advanced digital banking solutions.

Entities based in DMCC can leverage Mbank’s Corporate Platform to access a variety of services including Current & Savings accounts, Online/Mobile banking, the Wages Protection System (WPS), Overdrafts, Loans, and Trade Finance. These offerings are designed to support businesses in managing their financial operations effectively.

The Corporate Platform also provides advanced functionalities such as real-time account monitoring, customisable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools. These features enable businesses to manage their financial operations efficiently, improving cash flow and overall financial performance.

Ahmad Hamza, Executive Director of DMCC, stated, "Our partnership with Al Maryah Community Bank marks a strategic collaboration to further enhance the ease of doing business within DMCC. By harnessing the advanced digital capabilities offered by Mbank, we empower businesses with access to agile solutions and streamlined processes, driving them towards accelerated growth and success."

Ahmed Al Hammadi, Head of SME Coverage at Mbank, added, "Mbank remains committed to delivering an enhanced suite of customised, innovative, easy, secure, and fully digital banking solutions in alignment with the UAE's vision for a digital economy. We are pleased to contribute to the growth and success of our economy by boosting, supporting, and empowering businesses to realize their full potential through the provision of necessary banking and investment tools."

With inputs from WAM