Al Maryah Community Bank (Mbank), the UAE’s pioneer digital bank, has entered into a Memorandum of Understanding (MoU) with Dubai Multi Commodities Centre (DMCC), with the aim of streamlining the account opening process for businesses within DMCC through a Mbank integrated digital platform.

Utilising Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in just six straightforward steps, within 48 hours.

This account features no minimum balance requirements or monthly fees, providing businesses access to a comprehensive suite of secure, customised, and advanced digital banking solutions to propel their operations.

Entities based in DMCC can leverage the Mbank’s Corporate Platform, gaining access to a diverse array of offerings including Current & Savings accounts, Online/Mobile banking, the Wages Protection System (WPS), Overdrafts, Loans, and Trade Finance, among other services.

Furthermore, the Corporate Platform offers advanced functionalities like real-time account monitoring, customisable alerts and workflows, swift local fund transfers, standing order instructions, and automated payment tools. These features empower businesses to efficiently manage their financial operations, enhancing cash flow and overall financial performance.

Ahmad Hamza, Executive Director of DMCC said, “Our partnership with Al Maryah Community Bank marks a strategic collaboration to further enhance the ease of doing business within DMCC. By harnessing the cutting-edge digital capabilities offered by Mbank, we empower businesses with access to agile solutions and streamlined processes, driving them towards accelerated growth and success.”

Ahmed Al Hammadi, Head of SME Coverage at Mbank, added, “Mbank remains committed to delivering an enhanced suite of customised, innovative, easy, secure, and fully digital banking solutions in alignment with the UAE’s vision for a digital economy.”