E20 - UAE’s first digital business bank

Emirates NBD launched the E20 mobile-only banking facility in September, which is the first digital business bank in UAE.

This new digital business bank targets SME businesses, start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and enables them to open a bank account and carry out daily banking operations easily through a mobile app, as well as access to other banking services.

Banking, both worldwide and in UAE, has become a tough challenge for start-ups and new businesses. In some cases, it even takes up to 3 months to open a corporate bank account, not to mention the complicated paperwork involved for other banking services. According to the research from Dubai Chamber, nearly 65% of UAE entrepreneurs consider banking as the first challenge they face when starting a new business.

What can E20 provide under current banking situation?

Prompt bank account opening
Instead of visiting the bank personally, the business customers can open a bank account with E20 through their mobile phone. It provides e-KYC modules for client’s digital onboarding journey, as well as utilizing UAE Pass for digital biometric-based identification process.

Custom-built banking services
Business clients will be able to make local and international transfer and bill payments via E20’s app on their smartphones. Clients can also obtain a cheque book and debit card and access to Emirate NBD’s ATM & CDM (cash and cheque deposit machines) to operate their accounts.

Other services
Additionally, E20. also has some digital tools to assist business owners to manage their business transactions, like generate invoices, track receivables, view P&L statements as well as make and reconcile payments to vendors and suppliers. It also provides information on VAT returns and insights on expenses and cash flows to help clients run their businesses more efficiently.

The launch of E20 provides an attractive banking option for SME businesses. E20 has launched its beta version and now is available by invitation-only. A group of entrepreneurs have been invited to test its key features, for example the onboarding process. Upon the successful completion of beta phase, it is expected that E20 will be open to UAE business clients by Q1 2020.