Abu Dhabi Global Market collaborates with Zand Bank to support SMEs
The collaboration will drive SME financing, create a fintech sandbox and introduce corporate innovation programmes.
Abu Dhabi Global Market (ADGM) and UAE-based Zand Bank signed a Memorandum of Understanding (MoU) to support SMEs.
With the agreement, Zand Bank will provide banking services such as bank account opening for ADGM-licenced entities, including SMEs, virtual assets companies, funds and corporations, according to Gulf Business.
The two entities will work together to develop a capacity-building programme and improve knowledge exchange between employees and potential clients through educational sessions across sectors and stakeholders, networking and training.
ADGM and Zand Bank will also drive UAE national work placements and offer finance training programmes, a fintech sandbox, SME financing platforms, and corporate innovation programmes. The partnership is expected to bring awareness of the fintech opportunities in Abu Dhabi and create an ecosystem of fintech partners.
ADGM will support Zand Bank in its business development and cater to 100 ADGM-incorporated entities through investment banking services.
Zand Bank has become the sixth bank to tie up with ADGM to support the growth of SMEs in the region. Other banks include Wio Bank, RAKBANK, and Abu Dhabi Islamic Bank, as per a report by Gulf Business.
As per the MoU, Zand Bank will provide a help desk to the employees of ADGM and ADGM-incorporated entities. It will be the initial point of contact for all employee banking needs such as responding to inquiries, receiving complaints, and introducing Zand’s offerings.
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Edited by Affirunisa Kankudti