Al Maryah Community Bank (Mbank), the leading digital bank in the UAE, has entered into a Memorandum of Understanding with Ras Al Khaimah Economic Zone (RAKEZ). This collaboration aims to streamline and facilitate the account opening process for businesses establishing themselves in RAKEZ via Mbank’s fully integrated digital platform. All types of companies operating within the RAKEZ business community will be able to open a fully digital business account through Mbank’s Corporate Platform in six simple steps, in less than 48 hours, with zero minimum balance, and zero monthly fees; gaining access to a comprehensive suite of secure, customized, and advanced digital banking solutions.

Yaser Abdulla Al Ahmed, Chief Government & Corporate Relations Officer, with Humaid Al Attar, Head of Wholesale Banking, Al Maryah Community Bank during the MoU signing ceremony.

RAKEZ is a leading business powerhouse and industrial hub in the UAE that offers customizable solutions to more than 23,000 free zone and non-free zone businesses. From freelancers and startups to SMEs and industrialists, RAKEZ’s multinational business community flourishes in over 50 sectors.

Once RAKEZ-registered companies open their Corporate Accounts through Mbank’s Corporate Platform, they will automatically gain access to a diverse array of offerings including Current & Savings Accounts, Online/Mobile Banking, the Wages Protection System (WPS), Overdrafts, Loans, Trade Finance, among other services. Furthermore, the Corporate Platform offers advanced functionalities like real-time account monitoring, customizable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools. These features empower businesses to efficiently manage their financial operations, enhancing cash flow and overall financial performance.

Moreover, business owners can benefit from the advanced Mbank Digital Connect service, whereby they can connect with Mbank's customer service agents via secure live video calls for assistance, eliminating the need for in-person branch visits.

Ramy Jallad, Group CEO of RAKEZ, said: “We are happy to partner with Al Maryah Community Bank as we continue to expand our network of strategic banking collaborations. This new alliance with Mbank will provide our business community with a variety of banking options that cater to their unique needs. With the addition of Mbank’s cutting-edge digital banking services, we are further enhancing the ease and efficiency of corporate account openings for our clients. It will support the financial agility of businesses and help them thrive in a competitive marketplace.”

Regarding the partnership, Mr. Humaid Al Attar, Head of Wholesale Banking at Al Maryah Community Bank, stated: “We are thrilled to announce our collaboration with RAKEZ today. This partnership marks a significant step as we broaden our network and extend our services throughout the Emirates. At Mbank, our mission is to support the community, and we are excited to assist entrepreneurs in RAK by streamlining their corporate account openings and providing them with products and services designed to enhance their businesses and help them achieve their maximum potential”.

Suresh Yeraballi, the Corporate Product Manager at Mbank, stated: “Collaborating with RAKEZ allows us to offer their registered companies a range of products and services, user-friendly, and innovative digital financial solutions. Further, this collaboration is crucial for promoting growth and success in Ras Al Khaimah and the wider UAE community”.