RAKBANK launches UAE’s first Digital Onboarding Platform for SME loans

By Leandra Monteiro

RAKBANK announces the launch of a “first of its kind” digital onboarding experience in the region which will enable SMEs to apply for Business Loans, Term and Working Capital Finance and Asset-based finance through the RAKBANK Quick Apply portal.

SME customers can now not only apply for Business Accounts but also Business Finance products in just a few minutes and get instant in-principal approval followed by the fund’s disbursal in just a few days, without having to visit a branch or sales office.

This initiative is in line with the Bank’s strategy to improve its customer experience through simple and convenient digital solutions and follows the recent enhancement of its SMEsouk platform which is a one-stop digital marketplace for all SMEs.

Through the SMEsouk platform, existing and budding entrepreneurs can set up their business from getting a trade license to opening a bank account with easy toolkits, grow it further with curated partnerships and exclusive offers and expand their community through events, webinars and a marketplace to list their products and services.

Raheel Ahmed, CEO at RAKBANK commented, “At RAKBANK, we understand that SMEs are the true heart of every growing economy. That’s why we are building a digital ecosystem where SMEs can connect to set up, grow their business and expand their community in a seamless and quick way. The digital onboarding for business loans and finance along with the SMEsouk initiative reaffirms the Bank’s commitment to the SME community and bolsters our efforts to become an integrated, technology-enabled, and customer-centric financial services provider”.