RAKBANK partners with ADGM to offer dedicated banking services

RAKBANK and Abu Dhabi Global Market (ADGM), the international financial centre of the capital of the UAE, have signed a Memorandum of Understanding (MoU) to provide preferential banking services to ADGM-licensed entities. The agreement facilitates efficient bank account opening for all entities, including SMEs, exchange houses dealing in virtual assets, hedge funds and corporations. 

Under the terms of the MoU, RAKBANK and ADGM will cover a range of service categories including Client Onboarding and Banking, Education and Engagement, Business Development Activities, Employee Banking and Digital Services. Through this agreement, RAKBANK aims to provide banking solutions to SMEs, start-ups, and corporations in sync with their growth objectives and opportunities. 

Commenting on this partnership, Raheel Ahmed, CEO of RAKBANK said, “This partnership with ADGM is another step forward in our commitment to support and provide financing solutions to entrepreneurs and businesses in the UAE. RAKBANK is one of the leaders in business banking within the UAE, and this leadership has been built on our ability to create tailored solutions for businesses that drive growth, innovation and employment in the economy. I believe this partnership will equip businesses licensed within ADGM to access cutting-edge and quick banking solutions and services.” 

The agreement will pave the way for corporations to capitalise on training and awareness programmes that are jointly provided by RAKBANK and ADGM. Furthermore, the partnership will focus on driving UAE national work placements by providing tailored financial training on SME financing and innovation.

Dhaher bin Dhaher Al Muhairi, CEO of the Registration Authority at ADGM said, “As a catalyst for growth, ADGM aims to develop a robust, business-friendly ecosystem and a regional centre of excellence for financial services talent development. We are pleased to further our collaboration with RAKBANK to develop a range of financial service solutions that support the needs of establishments based within our jurisdiction. We believe that this partnership mirrors the ongoing commitment of both organisations toward fostering and developing the finance industry within the emirate of Abu Dhabi and the UAE as a whole. With RAKBANK’s curated propositions, we look forward to strengthening the efficient banking system and providing continued support for the long-term development of the sector in the nation.”

RAKBANK will offer a simplified list of account opening requirements to ADGM licensed entities while also reducing the average turnaround time for operationalizing accounts and securing transaction services. The agreement also covers the provision to offer ADGM incorporated entities to house their USD banking and treasury needs through investment banking services such as structured loans, trade finance, cash management, and supply chain finance. 

On the Fintech side, RAKBANK will co-host Digital Labs, Fintech-related events and workshops. Through RAKBANK’s engagement in Fintech Abu Dhabi as part of Abu Dhabi Finance Week and other ADGM Fintech initiatives, the two parties will explore open banking opportunities and develop a Fintech cooperation ecosystem. RAKBANK will also invest in a dedicated help desk to service the needs of ADGM employees, its subsidiaries, and ADGM incorporated entities. The help desk will be the first touchpoint for all employee banking needs such as providing information, responding to inquiries, receiving complaints, and introducing employees to RAKBANK offers.

The announcement was made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM between 14 and 18th November 2022, in partnership with key economic drivers of the Abu Dhabi economy and a group of global and regional financial institutions. The week-long event serves as a platform for in-depth conversations around the MENA region’s thriving financial sector, industry trends, developments and innovation involving financial markets and global banking.