RAKEZ And RAKBANK Team Up To Boost SME Banking Services

Ras Al Khaimah Economic Zone (RAKEZ) has recently partnered with RAKBANK to improve banking services for its clients. This strategic collaboration aims to expedite bank account openings and provide more reliable and secure banking solutions, aligning with RAKEZ’s mission to bridge the gap between its customers and financial institutions.

A Memorandum of Understanding (MoU) was signed by Ramy Jallad, Group CEO of RAKEZ, and Raheel Ahmed, Group CEO of RAKBANK. The agreement focuses on enhancing banking services for businesses within the economic zone. This partnership allows RAKEZ clients to quickly and conveniently open business bank accounts through the sharing of verified e-KYC data between RAKEZ and RAKBANK via a blockchain platform hosted by Norbloc.

This initiative aims to expedite the account opening process by simplifying documentation and improving referral management. Ramy Jallad stated, "Our partnership with RAKBANK is a strategic step towards enhancing the financial services available to our clients. We are committed not just to facilitating business set-up but also to ensuring our clients receive continuous support post-setup, which accelerates their success."

Enhanced Customer Journey

Jallad emphasized the focus on improving the customer journey, aiming to make every process quick and efficient. He added that collaborating with RAKBANK is a significant step forward in this effort, and RAKEZ looks forward to introducing more initiatives that will benefit their clients.

Commitment to Innovation

Raheel Ahmed, Group CEO of RAKBANK, commented, "We are delighted to extend our partnership with RAKEZ which underscores our commitment to provide seamless and efficient banking solutions for businesses in Ras Al Khaimah. By leveraging innovative technologies such as blockchain and shared e-KYC data, we aim to enhance the banking experience for RAKEZ clients."

Security and Reliability

Ahmed highlighted that this collaboration not only simplifies the process of opening business accounts but also ensures enhanced security and reliability in financial transactions. This partnership marks a significant advancement in supporting business growth in Ras Al Khaimah, promising a more streamlined and efficient environment for entrepreneurs and companies.

With inputs from WAM