UAE: Hub71 Collaborates with 2 Banks to Identify Banking Pain Points for Startups

UAE: Hub71 Collaborates with 2 Banks to Identify Banking Pain Points for Startups

UAE: Hub71 Collaborates with 2 Banks to Identify Banking Pain Points for Startups

Published June 25th, 2020 - 12:00 GMT











Highlights





Hub71 has collaborated with two leading banks in the UAE - Mashreq Bank and First Abu Dhabi Bank - to help identify and solve the pain points faced by startups and launched a whitepaper titled: Rethinking Banking for Startups, which explores the challenge







Hub71 has collaborated with two leading banks in the UAE - Mashreq Bank and First Abu Dhabi Bank - to help identify and solve the pain points faced by startups and launched a whitepaper titled: Rethinking Banking for Startups, which explores the challenges that startups face when opening a bank account in the country.

The whitepaper aims to foster collaboration with more UAE banks to pioneer new banking solutions designed specifically for tech startups. The findings outline how it may be possible to reduce the time taken for a startup to open a bank account in the UAE - from an average of 63 days - to less than five days.

The study highlights that '30 percent of startups fail to open a bank account', forcing them to conduct their