The partnership will allow RAKBANK to act as a paying agent on behalf of Mohammed bin Rashid Fund (MBRF) to offer Loan Against Invoice (LAI) and Statement of Invoice (SoI) services.
The MBRF of Dubai SME has signed a MoU with RAKBANK to facilitate SME access to competitive financing solutions, according to local newswire, WAM.
The MoU will enable Dubai SME members to secure financing at preferential rates and also take advantage of RAKBANK’s suite of Business Banking products and services including a business current account with no minimum balance required or maintenance fees.
Additionally, the collaboration will see MBRF using RAKBANK's processes, checks and balances to disburse funds to Dubai SME members.
Dhiraj Kunwar, RAKBANK’s Managing Director of Business Banking, said that the partnership aims to raise the visibility of the UAE National-owned SMEs and to cement the position of RAKBANK being a lead SME banker in the UAE market.