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DUBAI – New banking solutions and licenses tailored to start-up needs, an increase in the number of Fintech startups specializing in banks for SMEs, and increased cooperation between UAE banks and the country's startup ecosystem are among the key achievements described. by the working group led by the SME banking.
The working group, in cooperation with Smart Dubai, the Dubai Technology Entrepreneur Campus (Dtec) and a major UAE bank, has developed a new one-stop solution optimized by blockchain technology, which enables start-ups and small businesses to request a bank account license.
As a result of the creation of the Task Force and the publication of a White Paper on Bank Challenges for SMEs published by the Dubai Chamber of Commerce in September 2018, two of its members – RAK Bank and Mashreq Bank – have begun to offer new digital solutions and additional services designed specifically for startups. At the same time, there is an increase in the number of Fintech startups in Dubai tackling SMEs' banking problems, signaling an increased awareness of this issue.
Collaboration between UAE banks and the country's startup ecosystem has grown significantly over the last nine months. For example, Noor Bank helped 20 start-up companies in Dtec (Dubai Technology Entrepreneur Campus) open bank accounts in the same period, a 35% increase over the previous year. Improved bank communication on the bank's application documentation has reduced processing time and streamlined customer experience by providing customers with optimal transparency and clarity.
In addition, the working group noted an increase in the number of partnerships and between banks, incubators and accelerators in the United Arab Emirates, which is seen as a positive sign that sector stakeholders are stepping up efforts to respond to the changing demands of the country's technological startups and grow. Practical and practical solutions that can benefit this community.
Sultan Bin Saeed Al Mansoori, Minister of Economy of the United Arab Emirates, said: "The Ministry of Economy is working closely with the Dubai Chamber of Commerce and Industry and all strategic partners UAE to strengthen the competitiveness of the SME sector, entrepreneurship and young foreign investors in order to achieve the economic strategy and vision 2021 United Arab Emirates.
Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry, praised the achievements of the task force and noted that the Dubai Chamber of Commerce continues to discuss the key challenges facing startups in Dubai through research and badysis that provide valuable market intelligence, paving the way for the implementation of new value-creating solutions for emirate companies .
"The proactive and collaborative approach taken by the task force to address the challenges facing SMEs is the result of close cooperation between public and private sector actors. The Dubai Chamber of Commerce is playing an active role in promoting such collaboration with the aim of improving the ease of doing business and enhancing the competitiveness of SMEs in Dubai, "said Buamim.
Aisha Bint Butti Bin Bishr, Managing Director of Smart Dubai, said: "Smart Dubai is committed to joining all efforts to build the capacity of startups in the United Arab Emirates. SMEs are leading the way in terms of creativity and we see them as a key partner for us in our mission to lead the transformation of Dubai into a full-fledged smart city of the future – a mission that makes us indispensable for promoting the global marketplace. innovation and embrace emerging technologies as a way of transforming services throughout the city. "
"Smart Dubai is open to collaboration with government and private entities of the emirate to make Dubai the smartest and happiest city in the world, according to the direction of our wise leadership," added Dr. Aisha . "We are pleased to be working with the Dubai Chamber of Commerce to engage the SME sector in Dubai's future projects."
The SME Banking Group working group was one of the key recommendations made in a recent Dubai Chamber of Commerce study in coordination with the UAE Ministry of Economy and the Emirates SME Council. United Arab Emirates and international consulting firm Roland Berger, which presented information on various issues affecting SMEs in the United Arab Emirates, including access to financial and banking services, regulatory requirements and the need for digital solutions. – SG
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