The Abu Dhabi Global Market (ADGM) said Monday that it has partnered with UAE’s Shariah-compliant digital bank Zand Bank to support SMEs in the country and provide them with preferential banking services.
The partnership will focus on providing preferential banking services including efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds and corporations, ADGM said in a statement.
The collaboration with Zand is aimed at empowering the ADGM community and SMEs incorporated in ADGM by offering a curated value proposition including access to SMEsouk—the bank’s digital platform for SMEs.
ADGM and Zand agreed to work together on developing a capacity-building program to improve knowledge exchange between employees and potential clients through educational sessions across sectors and stakeholders, networking, and training.
Under the agreement, ADGM will work together with Zand to drive UAE national work placements and offer tailored finance training programs, SME financing platforms, a Fintech sandbox, and corporate innovation programs.
The partnership will enable awareness of the Fintech opportunities and initiatives in Abu Dhabi and develop an ecosystem of Fintech partners.
“SMEs exist as one of the main pillars of economic diversification in the UAE and Abu Dhabi. They are important contributors to ADGM’s vibrant ecosystem. Enabling digital financial services through Zand bank in both the retail and corporate space for these SMEs is a testament to our continued efforts to support their growth and expansion in the global financial hub,” Dhaher bin Dhaher Al Mheiri, CEO of ADGM said in the statement.
Zand Bank will be the sixth bank that ADGM has partnered with in addition to many other prominent banks operating in the capital city and the UAE.
