Mbank Joins Forces With RAKEZ To Ease Business Account Openings In The UAE

Al Maryah Community Bank (Mbank), the UAE's premier digital bank, has signed a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ). This partnership aims to simplify the account opening process for businesses setting up in RAKEZ through Mbank’s fully integrated digital platform.

RAKEZ is a prominent business and industrial hub in the UAE, offering tailored solutions to over 23,000 free zone and non-free zone enterprises. Its diverse business community spans more than 50 sectors, from freelancers and startups to SMEs and industrialists.

Companies within the RAKEZ business community can now open a fully digital business account via Mbank’s Corporate Platform in six simple steps. This process takes less than 48 hours and requires no minimum balance or monthly fees. Businesses will gain access to a comprehensive suite of secure, customised, and advanced digital banking solutions.

Once registered with RAKEZ, companies can open their Corporate Accounts through Mbank’s Corporate Platform. They will then have access to various services including Current and Savings Accounts, Online/Mobile Banking, the Wages Protection System (WPS), Overdrafts, Loans, Trade Finance, among others.

The Corporate Platform also offers 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.

Additionally, business owners can utilise the Mbank Digital Connect service. This service allows them to connect with Mbank's customer service agents via secure live video calls for assistance, eliminating the need for in-person branch visits.

Enhanced Financial Agility

Ramy Jallad, Group CEO of RAKEZ, commented on the collaboration: "This new alliance with Mbank will provide our business community with a variety of banking options that cater to their unique needs. With the addition of Mbank’s cutting-edge digital banking services, we are further enhancing the ease and efficiency of corporate account openings for our clients. It will support the financial agility of businesses and help them thrive in a competitive marketplace."

Humaid Al Attar, Head of Wholesale Banking at Mbank, added: "This partnership marks a significant step as we broaden our network and extend our services throughout the UAE. At Mbank, our mission is to support the community, and we are excited to assist entrepreneurs in RAK by streamlining their corporate account openings and providing them with products and services designed to enhance their businesses and help them achieve their maximum potential."

This collaboration between Mbank and RAKEZ is set to benefit numerous businesses by offering streamlined processes and advanced banking solutions tailored to meet diverse needs. The initiative underscores both entities' commitment to fostering a supportive environment for business growth in the UAE.

With inputs from WAM