Emirates NBD's E20. is a mobile-only offering for entrepreneurs and SME businesses.
Dubai-headquartered banking group Emirates NBD has launched the UAE’s first digital business bank for entrepreneurs and SME businesses.
The new bank, dubbed ‘E20.’, will enable startups, sole proprietors, freelancers, gig economy workers, fintech and insurtechs to open a bank account and carry out their day-to-day banking requirements through a mobile app, as well as other services.
“E20. is a custom-built digital business bank that will support the courage of entrepreneurs and enable start-ups to access banking services more seamlessly and conveniently, helping them focus more of their time on growing their business,” said Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD.
According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65 per cent of UAE entrepreneurs believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases.
E20. aims to more speedily enable business customers to open a bank account, carry out transfers and pay bills – all on their smartphones.
Customers will also be able to obtain a chequebook and debit card, and have access to Emirates NBD’s 233 branches and 1081 ATMs and SDMs in the UAE.
“The new bank will have seamless digital account opening which leverages new local advancements, as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools,” commented Shayne Nelson, group CEO of Emirates NBD.
E20, will also provide business owners with digital tools to generate invoices, track receivables, deliver VAT information, view P&L statements, as well as make and reconcile payments to vendors and suppliers.
The bank will offer customers 24/7 access to a relationship manager through an in-app live chat capability to help them with any requests they may have.
E20’s beta launch will be initially available by invitation-only to a select group of entrepreneurs, allowing them to test key features.
The co-created digital business bank will open to UAE business customers following the successful completion of the beta phase by Q1 2020.
E20. is Emirates NBD’s second digital bank, following the launch of Liv., the lifestyle-based digital bank for millennials and Gen-Z which opened in 2017.
Both banks are part of Emirates NBD’s planned investment of AED500 million ($136 million) towards digital innovation and multichannel transformation by 2020.