RAKEZ, a UAE free zone, has partnered with Mbank to offer customers rapid access to business accounts, loans, overdrafts, and services.
Al Maryah Community Bank (Mbank), the UAE’s foremost digital bank, has signed a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ) to simplify the account opening process for businesses in RAKEZ via Mbank’s digital platform.
RAKEZ and Mbank Accounts
All types of companies in RAKEZ can open a fully digital business account through Mbank’s Corporate Platform in just six steps, within 48 hours, with no minimum balance or monthly fees. This provides access to a wide range of secure and customised digital banking solutions.
RAKEZ is a key business and industrial hub in the UAE, offering tailored solutions to over 23,000 free zone and non-free zone businesses.
Once companies in RAKEZ open their Corporate Accounts through Mbank’s platform, they gain automatic access to a variety of services, including Current and Savings Accounts, Online/Mobile Banking, the Wages Protection System (WPS), Overdrafts, Loans, Trade Finance, and more.
The Corporate Platform also offers advanced features such as real-time account monitoring, customisable alerts, local fund transfers, standing orders, and automated payments. These tools help businesses manage finances efficiently, improving cash flow and financial performance.
Ramy Jallad, Group CEO of RAKEZ, stated: “This partnership with Mbank provides our business community with tailored banking options. Mbank’s digital services enhance the ease and efficiency of opening corporate accounts, supporting business agility and success.”
Humaid Al Attar, Head of Wholesale Banking at Mbank, added: “This partnership extends our services across the UAE. We are eager to help RAK entrepreneurs streamline account openings and provide them with products designed to optimise their business potential.”
