With its in-house legal team led by Eyad Mahadeen (pictured), chief legal officer and board secretary at ADGM, Abu Dhabi Global Market (ADGM) have joined forces with the UAE’s first all-digital bank licensed by the UAE Central Bank, Zand Bank, to support technology-based small and medium enterprises (SMEs) in Abu Dhabi.
As per the Memorandum of Understanding (MoU), ADGM and Zand Bank will provide preferential banking services, including streamlined account opening for ADGM-licensed entities, such as virtual assets companies, funds, and corporations, as well as SMEs. This collaboration aims to empower SMEs incorporated in ADGM by offering access to SMEsouk, Zand’s digital platform for SMEs, and developing a capacity-building programme to improve knowledge exchange between employees and potential clients through educational sessions, networking, and training.
The partnership also seeks to drive UAE national work placements and offer tailored finance training programmes, SME financing platforms, a Fintech sandbox, and corporate innovation programmes. Dedicated client managers will support the ADGM community during the client onboarding and engagement process, and the partnership will create awareness of Fintech opportunities and initiatives in Abu Dhabi to develop an ecosystem of Fintech partners.
ADGM will support Zand Bank in its business development efforts and the penetration of the largest 100 ADGM-incorporated entities through investment banking services. Through the agreement, Zand Bank will allocate a help desk to serve the needs of ADGM employees and incorporated entities.
This partnership between ADGM and Zand Bank is a step forward for the development of SMEs in Abu Dhabi, especially in the technology sector. It will provide SMEs with access to a wider range of banking services and financing platforms, allowing them to grow their businesses and contribute to the UAE’s economy. Moreover, this partnership will create a more supportive ecosystem for SMEs and enable them to collaborate and exchange knowledge, thus strengthening their position in the market.