Mbank collaborates with Khalifa Fund to launch its corporate banking platform

By Leandra Monteiro

Al Maryah Community Bank (Mbank), a digital bank in the UAE, in collaboration with Khalifa Fund for Enterprise Development, announced the launch of its Corporate Banking Platform.

The platform offers all types of businesses the ability to open a fully digital business bank account through the website in 6 simple steps, in less than 10 minutes, with zero minimum balance, and zero monthly fees, revolutionising the banking process for its clients through next-generation digital banking solutions.

Whether a sole proprietorship, partnership, or corporation, business owners can now easily open a Corporate Bank Account via Mbank’s specialized Corporate Banking Platform and enjoy the vast range of products such as online and mobile banking, savings and checking accounts, wages protection system (WPS), overdrafts, loans, and trade finance, among others. In addition, the suite includes advanced features such as real-time account monitoring, customizable alerts, and automated payment and invoicing tools, enabling businesses to streamline their financial operations and improve their cash flow.

Business customers can now open a Corporate Bank Account for free, without any minimum balance requirements, and in less than 48 hours. This is a major improvement for customers who previously faced hurdles when trying to open new accounts. With the advanced Digital Connect service of Mbank, business owners can also connect with Mbank’s customer service agents via secure live video calls, eliminating the need for paperwork or in-person branch visits.

H.E. Alia Al Mazrouei, CEO of Khalifa Fund stated, “Khalifa Fund is constantly identifying new and innovative ways to empower UAE entrepreneurs. Supporting SMEs and startups with the ability to maximize their digital capacity is a key area of our focus, and this partnership with Mbank further enhances our efforts in the digitization of UAE businesses. The Corporate Banking Platform will provide businesses of all sizes with a simple and efficient way to manage their finances, as well as enable businesses to streamline their financial operations, which is crucial in today’s rapidly evolving business landscape. We look forward to continuing our partnership with Mbank and supporting entrepreneurs in the UAE with access to cutting-edge banking solutions”.

Commenting on the launch of the new product, Mohammed Wassim Khayata, Chief Executive Officer at Mbank said, “Our mission as part of our community initiative is to empower businesses to thrive by providing them with the tools they need to manage their finances efficiently and securely in a very fast-paced environment. We recognize the challenges that these businesses face, and accordingly we have designed our Corporate Banking Platform to offer them new ways in which they can modernize their processes and have them facilitated to optimize their businesses and encourage growth”.

Mbank’s AI-powered Internet banking platform is user-friendly and has advanced security measures such as multi-factor authentication and 24/7 fraud monitoring, providing businesses with peace of mind while they focus on growing their operations.