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- EDB has recently launched a digital platform to facilitate lending to the country’s SMEs.
- It is vital for businesses, entrepreneurs, and SMEs to have access to the financing they need to expand and succeed, highlighted the CEO.
- More entities are choosing UAE as it seems to be pretty supportive of crypto opportunities there.
The Emirates Development Bank (EDB) has recently launched a digital platform to smoothen the lending to the country’s Small and Medium-sized enterprises.
This digital platform is focusing on providing the SMEs and startups in the United Arab Emirates to open an account and reserve an IBN in just a few hours. More than 1,000 digital accounts have already been established since the unboxing of this new service.
According to Ahmed Al Naqbi, the EDB CEO, who highlighted his views during events marking Arab Day for Financial Inclusion recently. He noted that it is vital for businesses, entrepreneurs, and SMEs to have access to the financing they need to expand, scale, and succeed.
And that the aim of financial inclusion is also served by their unique evaluation of a company’s eligibility for economic development impact-based financing.
Among all such companies operating in the UAE, SMEs account for nearly 98% of them.
UAE Becoming A Great Choice For Several Entities
Also, MeetsMeta, the virtual platform has chosen UAE to roll out the first virtual city, which will simulate reality via the current trendy concept of non-fungible tokens (NFTs), this is another development in the Persian Gulf federation regarding digitalisation.
According to Mohamed Khaled, the founder of MeetsMeta, the country enables an ideal environment for launching the platform in the region. And that it also is quite supportive of growth and opportunities in the crypto sphere.
Folks and entities are seemingly turning their heads towards the UAE for they see a lot of potential there. For instance, only last week, Three Arrows Capital, the crypto hedge fund, shifted its headquarters from Singapore to the UAE.
Furthermore, Kraken also got a license to function in the UAE. Abu Dhabi Global Market’s Registration Authority and the Financial Services Regulatory Authority granted the crypto platform this license.
This move by the EDB might boost the crypto space in the country and might also prove great for the small business sphere there.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
