UAE-based Mbank has signed a MoU with RAKEZ to streamline account opening for businesses joining RAKEZ via the former’s digital platform. Digital bank Al Maryah Community Bank (Mbank) has entered a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ).

This cooperation aims to assist the account opening process for businesses establishing themselves in RAKEZ via Mbank’s fully integrated digital platform. All types of companies operating within the RAKEZ business community will be able to open a fully digital business account through Mbank’s Corporate Platform in six simple steps, in less than 48 hours, with zero minimum balance, and zero monthly fees; gaining access to a comprehensive suite of secure, customised, and advanced digital banking solutions. Augmenting banking operations for businesses RAKEZ is a business and industrial hub in the UAE that offers customisable solutions to more than 23,000 free zone and non-free zone businesses.

From freelancers and startups to SMEs and industrialists, RAKEZ’s multinational business community operates in over 50 sectors. Once RAKEZ-registered companies open their corporate accounts through Mbank’s Corporate Platform, they will automatically gain access to a diverse array of offerings including Current & Savings Accounts, Online/Mobile Banking, the Wages Protection System (WPS), Overdrafts, Loans, and Trade Finance among other services. Furthermore, the Corporate Platform offers advanced functionalities like real-time account monitoring, customisable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools.

These features empower businesses to efficiently manage their financial operations, enhancing cash flow and overall financial performance. In addition, business owners can benefit from the advanced Mbank Digital Connect service, whereby they can connect with Mbank's customer service agents via secure live video calls for assistance, eliminating the need for in-person branch visits. Statements from company officials Executives from RAKEZ said this new alliance with Mbank will provide their 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, they are further enhancing the ease and efficiency of corporate account openings for their clients. It will support the financial agility of businesses and help them thrive in a competitive marketplace. In a reply, representatives from Mbank said they are happy to announce theircollaboration with RAKEZ.

This partnership marks a significant step as they broaden their network and extend their services throughout the UAE. At Mbank, their mission is to support the community, and they are excited to assist entrepreneurs in RAKEZ by streamlining their corporate account openings and providing them with products and services designed to enhance their businesses and help them achieve their potential. .