EDB Wins Silver in 2023 Qorus-Accenture International Awards

Emirates Development Bank ("EDB" or "the Bank"), the financial engine for UAE economic development and industrial advancement, has won the silver award in the global category for 'Beyond Core Banking Offerings' at the Qorus-Accenture Banking Innovation Awards 2023. The annual Awards recognise the most innovative ideas, products, and services in the financial sector, acting as a catalyst for innovation since their launch in 2013.

EDB's submission earned Silver for the Bank's Business Lab, a collaborative, knowledge-sharing space for entrepreneurs to engage, network and enhance their financial literacy and inclusion. It is one of EDB's non-financial services to help innovative mSMEs and startups in the UAE grow and scale their business.  

Shaker Zainal, Chief Business Officer of Emirates Development Bank, said: "EDB has set itself apart as a leader in serving macro, small and medium business and driving entrepreneurship and innovation in the UAE. The Qorus-Accenture Awards play a crucial role in recognizing and celebrating innovation in the banking sector. We are delighted to be recognized for our innovative approach to empowering young entrepreneurs through a range of non-financial solutions including financial literacy training, mentoring and business operations guidance. This award is for our Business Lab, a venture created in-house which goes beyond our core financing offering, to deliver a suite of free, essential resources online for startups and SMEs to help them build better business." 

The Qorus–Accenture Banking Innovation Awards rewards the best new ideas and practices that are transforming the industry for the benefit of banks and customers alike. Winners are awarded by their peers, with a rigorous, independent process ensuring the credibility of the awards.

This year's Awards has seven distinct categories. The 'Beyond Core Banking Offerings' category recognizes creative new products that change the bank’s business model and expand or redefine its role. They may either be stand-alone banking products or be incorporated into broader, more diverse non-financial offerings.

EDB supports the UAE's economic diversification and industrial advancement by enabling large, medium and small businesses operating within national priority sectors. In April 2021, EDB launched an ambitious strategy that aims to approve AED30 billion in financing support to 13,500 companies in five priority sectors, renewables, manufacturing, technology, healthcare, and food security, by 2026.