News DeskEmirates Development Bank (EDB) continues to solidify its leadership in delivering innovative digital offerings and advanced transaction banking solutions. The bank’s efforts have been recognized with prestigious accolades, including The Digital Innovator of the Year by MEED’s MENA Banking Awards 2024 and Best Bank for Trade Finance – UAE from The Digital Banker’s Middle East & Africa Innovation Awards 2024.
These awards underscore EDB’s dedication to excellence through innovation, reflecting the bank’s strategic focus on utilizing smart technologies to introduce cutting-edge digital solutions and services. These advancements aim to meet the evolving digital demands of businesses in a complex global environment and redefine the banking experience for customers.
Shaker Zainal, Chief Business Officer of Emirates Development Bank, expressed his pride in the bank’s achievements: “We are honored to be recognized by MEED and The Digital Banker. This recognition highlights our digital achievements and ambitions, as well as our commitment to delivering unparalleled online banking solutions. Our goal is to enhance our customers’ financial experiences and enable them to fully capitalize on global growth opportunities.”
EDB’s innovative approach to trade finance, recognized by The Digital Banker, involves providing advanced supply chain finance and trade finance solutions to support UAE companies and fuel their growth. The bank’s specialized trade and working capital solutions help businesses mitigate the risks associated with global trade, ensuring secure and efficient operations.
MEED’s MENA Banking Awards acknowledged EDB’s ongoing digital transformation efforts and its focus on delivering innovative mobile and internet banking solutions. EDB’s partnerships with fintech leaders have been instrumental in this digital evolution. The bank’s award-winning Business Banking App, developed in collaboration with YAP, exemplifies this innovation by allowing businesses to quickly obtain an IBAN, activate their accounts within 48 hours, and enjoy fee-free banking without minimum balance requirements. Additionally, EDB’s partnership with Beehive has revolutionized SME financing by integrating a digital lending service within the app, enabling SMEs to apply for loans up to AED 5 million and receive feedback within five days.
Furthering its commitment to innovation, EDB recently introduced the ‘EDB Smart Connect’ cash management platform. This platform provides clients with a seamless banking experience, enhancing efficiency, security, and transparency in all banking payments and transactions.
These achievements and innovations reaffirm EDB’s mission to drive economic growth by supporting key sectors and industries crucial to the nation’s future. The bank remains dedicated to advancing its clients’ digital experiences and offering comprehensive transaction services, from trade finance to advanced cash management solutions, tailored to the financial and treasury needs of businesses of all sizes.
