FAB fully digitises account opening process for UAE SMEs
Portal developed in collaboration with Ministry of Possibilities (MOP) and Telecommunications Regulatory Authority (TRA)
Abu Dhabi, UAE, 1 November 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has become the first bank in the Middle East to fully digitise the account opening process for SMEs through the BASHER portal.
The Government of the United Arab Emirates represented by The Department of Proactive Services - Ministry of Possibilities (MOP) launched BASHER to simplify the process of starting a business within 15 minute without having to submit any documents or conduct any visits to a customer center. Basher offers a unique digital experience to explore the market, set up your business and obtain businesses license and all supporting documents in simple steps allowing investors to start their business immediately. FAB has been working with the government entities over the past few months to provide innovative solutions that complement BASHER services through virtually opening a corporate bank account within 24 hours without having to fill any forms. This innovative initiative is considered to be the first of its kind in the region.
Sara Al Binali, EVP, Head of Business Banking at FAB, said: “We continually seek to provide our customers with innovative solutions which help them grow their businesses and plan ahead with ease. This latest solution that we have developed in collaboration with our government partners will expand BASHER’s services providing SMEs across the UAE with a smooth and virtual experience when opening a business bank account. That being said, our journey towards digital customer engagement is ongoing and on a continual thrive to develop innovative & convenient solutions for the entrepreneurs and SMEs.”
Salil Ahuja, SVP, Head of Business Banking Value Proposition at FAB, said: We are proud to associate with the launch of this integrated solution of ‘Digital signature authentication’ and a seamless, paperless full-fledged SME Digital account. Our collaboration with MOP and TRA is a testimony of the fact to support government initiatives and thereby accelerate the growth of SMEs.
FAB recently launched a number of innovative digital solutions for consumers and merchants through its mobile wallet payit, in addition to finalising a number of key partnerships with businesses and government entities across the UAE to support the growth of digital financial services. The bank also continues to play an integral role in supporting the UAE’s economic recovery and growth plans.