Opening a corporate bank account by new businesses is frequently a long and cumbersome process in the UAE but the world’s first digital trade bank - Anglo-Gulf Trade Bank (AGTB) - has simplified the process and made it simple.
Daniel Gould, Deputy CEO of AGTB, announced at the Fintech Abu Dhabi event, that they will be offering qualified businesses registering at Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and a fast-track process for opening a starter corporate account from November.
AGTB, a joint venture between investors from the UK and the UAE, is designed to make business easier for organisations and work to close the $1.5tr trade finance gap underserved by incumbent banking.
Gould said that his company has worked closely with the Registration Authority of ADGM to make it easier for a company to set up their online corporate account and support their basic banking requirements as efficiently as possible.
Leveraging the latest innovation in Application Programming Interfaces (APIs), he said that any prospective client can grant permission for ADGM to share with AGTB, in real-time, client onboarding information and supporting KYC (know your customer) documentation already collected by ADGM during their incorporation in the free zone.
Registered ADGM firms and entities, which qualify for an AGTB Corporate Account, can access this facility through the AccessADGM online portal.
“Our purpose is to make business easier, and to do this we are reimagining the approach to commercial banking from the ground up - not only to be more intuitive in responding to client needs but also to build a continuously evolving ecosystem that engages in real-time with our clients and removes their obstacles in ways previously not thought possible,” he said.
However, he added that this adaptive onboarding model can also be expanded to connect with other corporate registries in the future to solve the fundamental challenge faced by many new businesses.