ADIB becomes the first UAE bank to provide instant and secure account opening for SMEs
- Date: 23-May-2023
- Source: Zawya
- Sector:Financial Services
- Country:UAE
ADIB becomes the first UAE bank to provide instant and secure account opening for SMEs
Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, becomes the first bank in the UAE to provide small and medium-sized enterprises (SMEs) with convenient remote account opening services through a mobile app by deploying Emirates Face Recognition (EFR) technology. This new feature will allow businesses to apply for a business account without the need to visit a branch or submit physical documents or signatures. Through this technology, ADIB can perform highly secure identity verification before opening a new account for businesses in less than 24 business hours.
In the initial phase, the launch will encompass only the account opening for single owners with a Dubai mainland license. The same program will be developed for companies based in Abu Dhabi after signing a cooperation agreement with Abu Dhabi Department of Economic Development (ADDED). Customers will be able to open a Business Current account in AED currency after completing the application digitally using the ADIB Direct Business App. The digital account opening on the app replaces paper-based documentation, eliminates the need for repetitive data entry and enables clients to digitally complete their Know Your Customer (KYC) requirements. The focus on an entirely digital customer journey is a testament to