UAE In-Focus — EDB rolls out digital platform to support SMEs; Virtual platform MeetsMeta expands into UAE

DUBAI: The Emirates Development Bank has reaffirmed its financial commitment to SMEs and startups in the country, according to a report published in the National newspaper. 

To facilitate ease in banking, EDB had recently rolled out a digital platform for such businesses to open an account and reserve an IBAN number within hours. 

The report stated that more than 1,000 of these digital accounts were created since the launch of the new service. 

“Under the EDB’s mission to enable the UAE’s economic and industrial agenda, and in line with our commitment to creating a supportive environment for business, we offer a patient debt approach with flexible pricing and tailored financing solutions for SMEs that widen financial inclusion in the UAE,” said Ahmed Al Naqbi, CEO of EDB. 

MeetsMeta selects the UAE for launching, expansion

Virtual platform MeetsMeta has selected the UAE to launch the first virtual city to simulate reality through NFTs.

With the new initiative, MeetsMeta also aims to provide users with a virtual experience where they can select the individuals they want to meet and can interact with each other. 

MeetsMeta is a part of Metaverse that provides future investment and social opportunities, according to Zawya. 

“The UAE provides an ideal environment for launching MeetsMeta in the region. It is the most capable country in terms of the IT and telecommunications infrastructure. The UAE strongly supports business growth and investments in cryptocurrency. It also provides a motivating environment for innovation and creativity,” said Mohammed Khaled, founder of MeetsMeta.