EDB signs MoU to support bankability of ADGM-licensed companies

EDB signs MoU to support bankability of ADGM-licensed companies

Emirates Development Bank (EDB) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) to identify collaborative opportunities that will further support companies looking to set up operations in ADGM.

EDB will support ADGM-licensed entities, including SMEs and Corporates, by providing preferential banking services, including the fast and efficient opening of banks through EDB’s digital solutions. Both parties will collaborate to enhance the ADGM client onboarding experience and simplify the bank account opening process for ADGM’s clients.

The Bank will also explore financing requirements for ADGM entities and large multinational corporations based on due diligence and feasibility studies performed.

Furthermore, the two entities will explore education and engagement opportunities. This will be done through several digital labs, especially designated for Fintech-related events and workshops, to further improve knowledge exchange between both entities and companies looking to establish a presence in ADGM.

Ahmed Mohamed Al Naqbi

CEO – EDB “EDB continuously works with key stakeholders to identify opportunities that will further support the growth of SMEs and startups in the region and enhance their bankability. As a well-established financial center, ADGM is home to companies of all sizes in the region, attracting both foreign and local investors. We are delighted to have formed