KSRelief launches number of projects in Somaliland    The National Day and the birth of KAUST!    Brazil reports 32,817 new coronavirus cases, 831 deaths    UNWTO maps sector recovery with new ‘Tourism Recovery Tracker'    Dubai Police fine woman for violating coronavirus precautionary measures    US slaps new Iran sanctions for 'human rights violations'    Wall Street Closing    King Hamad reiterates Bahrain's call for creation of Palestine in UN speech    South Korea to Resume Flights with Vietnam, Russia    KSrelief's mobile clinics continue providing medical services in Yemen    Gulf Air resumes direct flights to Amman    Emirates adds five routes, brings network to 92 cities    Oman to resume international and domestic flights from Oct. 1 Expatriates holding valid residency permits can return    Haram presidency gears up to receive pilgrims    Equal wages for women, men in UAE private sector comes into force Friday    Saudi flag emoji tweeted 27 million times since last September Twitter celebrates 90 years of Saudi Arabian heritage on #SaudiNationalDay    Poets and musicians get ready for a new open mic platform    The Kingdom's Airports Celebrate 90th National Day    Health Ministry: Adhering to Preventative Measures is Important    UK Minister for Middle East Congratulates Saudi Leadership on 90th National Day    Former Australia batsman Dean Jones dies aged 59    Worldwide Coronavirus Cases Cross 31.7 Million, Death Toll at 971,130    CSG Sixes Saudi National Day event set    Saudi Arabia Achieves Significant Progress in International Indicators of Business Environment and Competitiveness    Coronavirus-hit Al Hilal out of AFCCL on a technicality    Over 1,000 participants, 40 speakers in 11th GCC Neurology Meeting    National Day/ Saudi Arabia Marks 90th National Day with Massive Air Show    MDLBEAST celebrates Saudi National Day with exclusive soundtrack and musical journey    HyperX releases first Arabic layout keyboard for gaming    Riyadh Ranks the 5th Smart City among G20 Member States' Capitals, on IMD Indicator    Happy National Day 90    Roma given defeat by Serie A for using ineligible player    Bahrain Bourse Rises    50 riders to take part in National Day show jumping competition    AlUla Date Festival to Launch Next Month    Every work has its fruits, so choose wisely    Wydad appeal over CAF 2019 Champions' final dismissed by CAS    Saudi Youths Transfer Saudi Arabia's Culture via Animation Production    Saudi Scholarship Program to Promote Football Talents, abroad, Co-sign Accord with Spanish Real Sociedad    French Open to allow 11,500 fans per day between the three show courts    Saudi Films' Festival virtual Events Continued    Saudi Films' Festival Events Continue, amid Wide-Scale Cultural Participation    Mediation center contributes to 22% decrease in divorces    Saudi woman seeks to restrain wealthy hubby from remarrying    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Working group produces innovative startups banking solutions
Published in The Saudi Gazette on 21 - 07 - 2019

New banking and licensing solutions tailored to the needs of startups, an uptick in the number of fintech startups specializing in SME banking and increased cooperation between UAE banks and the country's startup ecosystem are among the key achievements outlined by the Dubai Chamber-led working group on SME banking.
The working group, in cooperation with Smart Dubai, Dubai Technology Entrepreneur Campus (Dtec) and a leading UAE bank, has developed a new one-stop shop solution powered by blockchain technology which enables startups and SMEs to apply for a business license and open a bank account.
Following the establishment of the working group and the release of a whitepaper on SME banking challenges published by Dubai Chamber in September 2018, two of its members – RAK Bank and Mashreq Bank - have begun offering new digital solutions and additional services designed specifically for startups. Meanwhile, an uptick has been observed in the number of fintech startups in Dubai addressing SME banking challenges, signalling stronger awareness about such matters.
Collaboration between UAE banks and the country's startup ecosystem has increased considerably over the last nine months. For example, Noor Bank assisted 20 startups from Dubai Technology Entrepreneur Campus (Dtec) in opening bank accounts during the same period, marking a year-over-year increase of 35%. Enhanced communication about application documentation on the part of the bank reduced processing time and simplified the customer experience by providing startup customers with transparency and clarity up front.
In addition, the working group noted an increase in the number of partnerships and between UAE banks, incubators and accelerators which is seen as a positive sign that industry stakeholders are stepping up their efforts to meet the evolving demands of tech startups in the country and develop practical and tangible solutions that can benefit this community.
Sultan Bin Saeed Al Mansoori, UAE Minister of Economy said: "The Ministry of Economy works very closely with Dubai Chamber of Commerce and Industry and all strategic partners in UAE to enhance the competitiveness of the SME, entrepreneurship and startups sector for the UAE nationals and foreign investors in order to achieve the economic strategy and UAE Vision 2021."
Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, lauded the achievements of the working group and noted that Dubai Chamber continues to examine key challenges faced by startups in Dubai through research and analysis which yields valuable market insights, paving the way for the implementation of new solutions that create value for businesses in the emirate.
"The proactive and collaborative approach taken by the working group in addressing existing challenges faced by SMEs is the result of close cooperation between public and private sector players. Dubai Chamber plays an active role in fostering such collaboration with the aim of improving ease of doing business and enhancing the competitiveness of SMEs in Dubai," said Buamim.
Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubai, said: "Smart Dubai is committed to joining all efforts to empower startups in the UAE. SMEs lead the way in terms of creativity and we consider them to be an essential partner for us on our mission to spearhead Dubai's transformation into a full-fledged smart city of the future – a mission that makes it indispensable for us to promote innovation and embrace emerging technologies as a means to transform services across the city."
"Smart Dubai is open to collaborating with government and private entities across the emirate to transform Dubai into the smartest and happiest city in the world, as directed by our wise leadership," Dr Aisha added. "We are delighted to be working together with the Dubai Chamber to engage the SME sector in Dubai's future plans."
The working group on SME banking group was among the key recommendations outlined by a recent study conducted by Dubai Chamber in coordination with the UAE Ministry of Economy and the UAE's Council of SMEs and global consultancy firm Roland Berger which featured insights on various issues impacting SMEs in the UAE, including access to finance and banking services, regulatory requirements, and the need for digital solutions. — SG

Clic here to read the story from its source.