ADIB and Dubai DET Launch Banking Solution for SMEs Through SME in a Box
The banking solution also includes access to personal and business accounts, point-of-sale (POS) services, and trade finance and foreign exchange solutions.
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Abu Dhabi Islamic Bank (ADIB), a UAE-based Islamic financial institution, and Dubai’s Department of Economy and Tourism (DET) have launched the DET Connect Account through DET’s SME in a Box platform to provide banking services for small and medium-sized enterprises (SMEs).
The initiative combines ADIB’s banking services with DET’s SME in a Box platform, which is designed to provide entrepreneurs with access to business services through a single digital platform.
According to DET, the SME in a Box platform enables businesses to access services including business licensing, banking, digital payments, logistics, telecommunications, and operational support through participating service providers.
The DET Connect Account is designed to simplify the business banking process by offering a zero-balance account with fee waivers during the first six months. Businesses can open the account digitally, with account opening expected to be completed within one business day.
The banking solution also includes access to personal and business accounts, point-of-sale (POS) services, and trade finance and foreign exchange solutions.
According to ADIB, the partnership forms part of its efforts to expand digital banking services for SMEs through fully digital customer journeys and integrated banking solutions.
The bank noted that SMEs account for 94% of businesses in the UAE and contribute approximately 53% of the country’s gross domestic product (GDP). The initiative also aligns with the UAE’s objective of increasing the number of companies operating in the country and supporting the growth of high-potential businesses.
RELATED: Dubai Chambers Partners with Wio Bank to Improve SME Access to Financing
Abu Dhabi Islamic Bank (ADIB), a UAE-based Islamic financial institution, and Dubai’s Department of Economy and Tourism (DET) have launched the DET Connect Account through DET’s SME in a Box platform to provide banking services for small and medium-sized enterprises (SMEs).
The initiative combines ADIB’s banking services with DET’s SME in a Box platform, which is designed to provide entrepreneurs with access to business services through a single digital platform.
According to DET, the SME in a Box platform enables businesses to access services including business licensing, banking, digital payments, logistics, telecommunications, and operational support through participating service providers.
The DET Connect Account is designed to simplify the business banking process by offering a zero-balance account with fee waivers during the first six months. Businesses can open the account digitally, with account opening expected to be completed within one business day.
The banking solution also includes access to personal and business accounts, point-of-sale (POS) services, and trade finance and foreign exchange solutions.
According to ADIB, the partnership forms part of its efforts to expand digital banking services for SMEs through fully digital customer journeys and integrated banking solutions.
The bank noted that SMEs account for 94% of businesses in the UAE and contribute approximately 53% of the country’s gross domestic product (GDP). The initiative also aligns with the UAE’s objective of increasing the number of companies operating in the country and supporting the growth of high-potential businesses.
RELATED: Dubai Chambers Partners with Wio Bank to Improve SME Access to Financing
