RAKEZ and RAKBANK Extend their Partnership for Seamless SME Banking

Ras Al Khaimah Economic Zone (RAKEZ) recently teamed up with RAKBANK to enhance the banking services available to its clients. This strategic collaboration aims to speed up bank account openings and provide more reliable and secure banking solutions, supporting RAKEZ’s mission to bridge the gap between its customers and financial institutions.

RAKEZ Group CEO Ramy Jallad (right) with RAKBANK Group CEO Raheel Ahmed during the MoU signing ceremony

A Memorandum of Understanding (MoU) was signed by Ramy Jallad, Group CEO of RAKEZ, and Raheel Ahmed, Group CEO of RAKBANK, to enhance banking services for businesses in the economic zone. This partnership enables RAKEZ clients to quickly and conveniently open business bank accounts through sharing of verified e-KYC data between RAKEZ and RAKBANK through a blockchain platform hosted by Norbloc. This initiative aims to expedite the account opening process through simplification of documentation and effective referral management.

"Our partnership with RAKBANK is a strategic step towards enhancing the financial services available to our clients," said Jallad. "We are committed not just to facilitating business set-up but also to ensuring our clients receive continuous support post-setup, which accelerates their success. We focus on improving the customer journey, aiming to make every process quick and efficient. Collaborating with RAKBANK is a significant step forward in this effort, and we look forward to introducing more initiatives that will benefit our clients."

Raheel Ahmed, Group CEO of RAKBANK commented, “We are delighted to extend our partnership with RAKEZ which underscores our commitment to provide seamless and efficient banking solutions for businesses in Ras Al Khaimah. By leveraging innovative technologies such as blockchain and shared e-KYC data, we aim to enhance the banking experience for RAKEZ clients, ensuring an awesome customer experience. This collaboration not only simplifies the process of opening business accounts but also ensures enhanced security and reliability in financial transactions.”

This collaboration between RAKEZ and RAKBANK marks a significant advancement in supporting business growth in Ras Al Khaimah, promising a more streamlined and efficient environment for entrepreneurs and companies.