Ajman Free Zone has signed a memorandum of understanding (MoU) with Mashreq Bank, the oldest privately-owned bank in the UAE, to facilitate banking services for businesses in the zone.

The agreement, spanning two years, will entail any business that chooses to set up in Ajman Free Zone being recommended the services of Mashreq Bank during the registration or licensing process, said a statement.

This agreement also applies to businesses already registered under Ajman Free Zone Authority, it said.

When applying, companies will be prioritised by Mashreq Bank, which has allocated resources specifically for this, allowing for a quicker account set-up. Businesses will undergo the same standard vetting application process as other applicants, but the service will be faster.

Fatma Salem, acting director general and CEO of operations at Ajman Free Zone, said: “We are delighted to sign the MoU with Mashreq Bank.”

“This step comes in the context of our relentless endeavour to facilitate doing business in Ajman Free Zone and speed up, and simplify, the services provided to companies so that they can achieve their goals,” said Salem.

“This MoU enhances the region's steps towards digital transformation in providing services on various electronic platforms in order to reach an easy, simple, and modern work environment that serves investors from all over the world,” she added.

Rohit Garg, head of business banking and NeoBiz, Mashreq Bank, said: “We are delighted to partner with Ajman Free Zone to bring unprecedented convenience to their clients by offering a full spectrum of services designed to support their business requirements.”

“For SMEs, setting up a business account can often be a challenging task, and as part of this agreement we are aiming to make this process as simple and efficient as possible,” he said.

“Through our collaboration with Ajman Free Zone, we will offer seamless traditional and digital banking services, innovative solutions that will empower SMEs and entrepreneurs and deliver on their banking requirements. At Mashreq, we realise that SMEs are the back-bone of the national economy, and this partnership is a testament of how we strive to support them,” he added.

This step is one of many Ajman Free Zone has undertaken to become the preferred destination for local, regional, and international businesses in the UAE. Recent endeavours made by the free zone have included an ambitious digital transformation and the launch of a business hub to accommodate a wide range of requirements and license holders (from freelancers to established entrepreneurs).

 “As we start the New Year, we will continue to take further steps towards equipping businesses with efficient services, while safeguarding their interests and ambitions,” she added. – TradeArabia News Service