Emirates NBD announces new measures to support UAE businesses
- Bank supports UAE government initiatives
- Trade finance customers to benefit from reduced bank charges for digital trade transactions
- Bank’s revamped smartTRADE portal equipped to replace need for physical branch transactions
Dubai, 4 March 2020: Emirates NBD, a leading bank in the region has introduced new measures to support UAE business, in alignment with recent UAE government and Central Bank initiatives.
The bank’s Transaction Banking Unit has announced reduced tariff offers over the next three months, in particular for transactions initiated by customers using its revamped smartTRADE platform which replaces the need for physical branch visits.
smartTRADE customers can benefit from a significant reduction in transaction processing and handling fees, with immediate effect. Further, the bank will offer its clients new smartTrade activation at zero cost for next three months to enable them to route more digital transactions to the bank. The bank will also continue existing benefits on processing fees for LC issuance and Guarantee issuance for transactions via the smartTrade platform.
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD stated, “As a leading bank in the UAE, Emirates NBD is among the first in the banking industry to step up and introduce support measures to UAE businesses, aligned with recent UAE government and Central Bank directives. We are pleased to offer our clients reduced bank charges for transactions initiated via smartTrade platform with immediate effect which will help alleviate pressure by reducing operational costs. In addition, our continued investments and focus on digitisation equips our customers to conduct a majority of their trade finance transactions online, eliminating the need for physical requests, enabling them to operate seamlessly from the safety of their offices or homes.”
Emirates NBD’s smartTRADE portal offers Emirates NBD Transaction Banking clients a comprehensive range of functionalities, allowing them to submit all trade requests – such as LC, trade loan requests and so on – online, enjoying a shorter turnaround time in the process. The bank has recently revamped the platform to make it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch. Customers also receive real time updates on the status of their transactions through email and SMS notifications.
Emirates NBD’s Transaction Banking division offers a comprehensive suite of products and advisory services to support working capital requirements and maximise business opportunities, enabling the bank to capitalise on the UAE’s status as a global trade hub and the growing demand for trade finance solutions in the region. Several new solutions have been introduced in recent months for corporate clients, such as online VAT and Excise payments on smartBUSINESS and noqodi eWallet top up and eVoucher payments, in addition to enhanced trade finance capabilities in the UAE and overseas. The division won several awards in 2018 including ‘Best Transaction Bank; and ‘Best Cash Management Bank in the UAE 2018’ by the Asian Banker, and ‘UAE Domestic Cash Management Bank of the Year 2018’ by Asian Banking and Finance.