Mbank to provide digital banking services at RAKEZ

ABU DHABI: UAE-based Al Maryah Community Bank (Mbank) is set to streamline and facilitate the account opening process for businesses establishing themselves at Ras Al Khaimah Economic Zone (RAKEZ).

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, customised, and advanced digital banking solutions.

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 and 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, customisable 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.

“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,” Ramy Jallad, Group CEO of RAKEZ, said.

Humaid Al Attar, Head of Wholesale Banking at Mbank, said the partnership marks a significant step as “we broaden our network and extend our services throughout the UAE.”