EDB receives prestigious recognition for regional leadership in digital innovation and transaction services

United Arab Emirates, 18 May 2024: Emirates Development Bank ("EDB" or "the Bank") continues to solidify its position as a regional leader that delivers innovative digital offerings and tech-forward transaction banking solutions, giving customers the best possible experiences while enabling efficient and safe cross-border business operations.

EDB has been named The Digital Innovator of the Year by MEED’s MENA Banking Awards 2024 and won the highly acclaimed accolade for Best Bank for Trade Finance – UAE from The Digital Banker’s Middle East & Africa Innovation Awards 2024.

The awards come as a testament to EDB’s commitment to achieving excellence through innovation – they reflect the Bank’s focus on using smart technologies to deliver new digital solutions and leading services that not only aim to meet the evolving digital needs of businesses in a complex global landscape but redefine the banking experience for customers.

Shaker Zainal, Chief Business Officer of Emirates Development, said: “We are honored to be recognized by MEED and The Digital Banker. A big part of the recognition of EDB as the digital innovator of the year and best bank for trade finance is a reflection of our digital achievements and ambitions as well as our commitment to delivering unmatched online banking solutions to improve our customer’s financial experiences and help them take full advantage of global growth opportunities.

“In line with our mission to drive economic growth by enabling key sectors and industries that are critical to the nation’s future, we continue to innovate and advance our clients’ digital onboarding experiences and offer them a suite of transaction services, from trade finance to tech-forward cash management platforms to supply chain and working capital solutions that meet the financial and treasury needs of businesses of all sizes.”

The Digital Banker, dedicated to recognizing pioneering innovation in Digital Customer Experience across the financial services ecosystem, recognized EDB’s innovative approach to Trade Finance. The Bank provides cutting-edge supply chain finance and trade finance solutions designed to support UAE companies and bolster their growth. Through specialized trade and working capital solutions, EDB allows companies to mitigate risks associated with global trade while operating with security and comfort.

MEED’s MENA Banking Awards recognize EDB’s digitalization approach and continuous focus on delivering innovative digital solutions in mobile and internet banking. The Bank’s commitment to fostering partnerships with fintech leaders has played a pivotal role in its digital transformation.  This pursuit of innovation is evident in EDB’s award-wining Business Banking App, developed in partnership with YAP, which allows businesses to quickly secure an IBAN, activate their account within 48 hours, and enjoy fee-free banking without minimum balance requirements. In addition, the Bank’s partnership with Beehive revolutionized how SMEs access finance. By integrating a digital lending service within the app, SMEs can apply for loans up to AED 5 million, with the assurance of receiving feedback within just five days.

In line with this commitment to innovate and redefine the banking experience, EDB has recently unveiled the ‘EDB Smart Connect’, an innovative cash management platform that offers the Bank’s clients a seamless experience with maximized efficiency and smart capabilities that enhance security and transparency across all their banking payments and transactions.