UAE-based Mbank has signed a memorandum of understanding with RAKEZ to simplify account opening for corporates joining RAKEZ through Mbank’s digital platform.
Digital bank Al Maryah Community Bank (Mbank) has signed a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ). The aim of this collaboration is to support the account opening process for companies setting up in RAKEZ through Mbank’s fully integrated digital platform.
All types of companies operating within the RAKEZ business community can open a fully digital business account with no minimum balance and no monthly fees in less than 48 hours through Mbank’s corporate platform in six simple steps, giving them access to a comprehensive package of secure, customized and advanced digital banking solutions.
Expanding corporate banking
RAKEZ is a business and industrial hub in the UAE that provides customized solutions to over 23,000 businesses in free zones and non-free zones. From freelancers and startups to SMEs and industrialists, RAKEZ’s multinational business community operates across over 50 industries.
Once companies registered with RAKEZ open their corporate accounts through Mbank’s corporate platform, they automatically gain access to a wide range of offerings, including current and savings accounts, online/mobile banking, Wages Protection System (WPS), overdrafts, loans and trade finance, among other services.
In addition, the Corporate Platform offers advanced features such as real-time account monitoring, customizable alerts and workflows, fast local fund transfers, standing order instructions and automated payment tools. These features enable companies to efficiently manage their financial operations, thereby improving cash flow and overall financial performance.
In addition, business owners can benefit from the enhanced Mbank Digital Connect service, which allows them to contact Mbank customer service representatives and ask for assistance via secure live video calls, eliminating the need for in-person branch visits.
Statements from company representatives
RAKEZ executives said this new alliance with Mbank will provide their business community with a variety of banking options tailored to their individual needs. By adding Mbank’s cutting-edge digital banking services, opening corporate accounts will become even easier and more efficient for their customers. This will support the financial flexibility of businesses and help them succeed in a competitive market.
In a response, Mbank representatives said they are delighted to announce their collaboration with RAKEZ. This partnership is a significant step as they expand their network and extend their services across the UAE. At Mbank, their mission is to support the community and they are excited to support entrepreneurs in RAKEZ by simplifying the process of opening their corporate accounts and providing them with products and services that will enhance their businesses and help them reach their potential.
