ADIB becomes the first UAE bank to provide instant and secure account opening for SMEs

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