Emirates Development Bank Launches Fee-Free Digital Banking Platform to Support UAE Entrepreneurs
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
Emirates Development Bank, the UAE government-owned financial institution, has launched EDB 360, a ee-free digital banking platform aimed at supporting the ambitions of the country's entrepreneurs as well as micro, small, and medium enterprises (MSMEs). The announcement was made at this year's edition of the 'Make it in the Emirates' Forum.
EDB 360 breaks down the traditional barriers of business banking with its no-fee, no-minimum-balance approach. It this gives entrepreneurs accessibility to speed, simplicity, and full control. Through smart integration with key government entities, EDB 360 allows users to open an account in minutes freeing founders to focus on scaling their ideas instead of navigating paperwork.
From a single app, entrepreneurs can manage payroll, invoicing, and payments, monitor cash flow, and access a growing suite of value-added services — including smart integrations with fintech platforms and a dedicated EDB Concierge that offers real-time advice for setup and scale-up.
"At EDB, our mission goes far beyond finance- we help businesses grow, because when they grow, the UAE grows," H. E. Ahmed Mohamed Al Naqbi, CEO of EDB, said. "With EDB 360, we've created a zero-bureaucracy, high-impact platform that gives entrepreneurs the flexibility, tools, and tailored support they need to build the businesses of tomorrow. By removing friction and expanding access to capital and advice, we're helping turn bold ideas into real economic impact."
Launched in collaboration with leading government and entrepreneurship bodies —including the Ministry of Economy, Ministry of Industry and Advanced Technology (MoIAT), Sharjah Entrepreneurship Center (Sheraa), Khalifa Fund, and the Department of Economy and Tourism (DET)— as well as strategic ecosystem partners such as Visa, NymCard, Klaim, eFunder, Thoughtworks, and Trade Capital Partners, EDB 360 connects users with the wider financial and startup ecosystem to help them access new opportunities and scale easily.
Entrepreneurs operating in EDB's key sectors benefit from sector-specific guidance, tools, and financing options that accelerate growth while contributing to the UAE's broader economic vision. Now available on iOS and Android, EDB 360 is the UAE's next step in building a smarter, stronger startup economy. Learn more by clicking HERE.
Related: Emirates Development Bank Announces Launch of AED1 Billion Emirates Growth Fund
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
25 minutes ago
- Bloomberg
Israeli Assets Gain as Traders Gauge Netanyahu Coalition Woes
Israel's bonds and stocks rose as markets began factoring in that Prime Minister Benjamin Netanyahu's government was at risk of collapse, an outcome that some traders view as a positive for the economy. The government's dollar bond due in 2048 jumped more than a cent on the dollar to 74 cents, one of Thursday's best performers across emerging markets. Israel's benchmark TA-35 stock index extended a recent record and the shekel traded near two-year highs.
Entrepreneur
34 minutes ago
- Entrepreneur
What Race Car Drivers Know That Most Entrepreneurs Don't
From having the right pit crew members to proper pacing, many strategies deployed by race car drivers on the track can be used by aspiring entrepreneurs to drive growth. Opinions expressed by Entrepreneur contributors are their own. Living a full life outside of our careers gives us many opportunities to continue growing. Outside interests beyond family and friends can expand our horizons and ideas of what's possible. For me, that's studying the art of car racing. I appreciate how drivers are prepared from every angle, like prepping the car, assessing the competition and determining where and when to take risks. And I've found that the strategies deployed on the track translate well to running a successful business. Race car drivers and entrepreneurs all want to move fast and win. Beating your business competition and other cars on the racetrack both require accelerating at the perfect time. Case in point: Labor Day is now known as the time when Starbucks brings back its Pumpkin Spice latte. While that might feel early, Starbucks benefits from holiday weekend spending and while also tapping into the anticipation of the fall season. Putting the right foundation in place Pit Crew: Few things define teamwork as well as a pit crew. From the tactical direction of the crew chief to the strength of the tire changer and jack man, to the communication skills of the spotter, pit crews work seamlessly at remarkable speeds to prepare their car for the next lap and eventually the finish line. Your job is to be an agile crew chief. This could mean empowering mid-level managers to make operational calls, much like a pit crew places trust in their jackman. Or giving your marketing team the ability to practice flexible spending so they can quickly capitalize on new opportunities. It's also your job to set the tone, communicate objectives clearly and ensure everyone is aligned when it comes to roles, tactics, timelines and outcomes. Tire Pressure: Tires are a foundational element of a car, much like a strategic plan is the foundation of a viable business. Tire pressure allows drivers to optimize their handling and achieve faster lap times — it's all about the contact patch between the tires and the road. If you don't have the tire pressure right, you risk losing control during turns. Likewise, a strategic business plan gives you the ability to create alignment and achieve faster results without losing control when the unexpected happens. It gives you control and speed, and a clear view of what's working and what's not. Competitive Intel: Successfully competing means knowing who or what you are up against. Each of your competitors has some advantage. Like race car teams, you need to know the track record of your competitors — where they have succeeded and faltered, the strengths and weaknesses of team members, the amount of fuel/capital they have — and use that intel to your advantage. Get educated. Tools like Crayon share real-time insights gleaned from your competitors' digital footprints, while social listening platforms like Sprout Social offer competitor reports and performance tracking across social networks. It's not just about driving fast but driving smart. When you know the track inside out, you can clearly visualize winning the race. Related: How to Gain a Competitive Edge: 4 Key Questions to Ask When Analyzing Your Competitors Driving growth Fuel Level: Think of motor fuel as your sales and marketing expenditures. You need to know how much fuel you have left in the tank. Do you front-load your pitstops (and sales/marketing expenditures) to start out strong and then conserve for the rest of the race? Or do you make more pit stops toward the end of the race (and end of the year), so you have enough fuel to get across the finish line? A SaaS company might invest heavily in Q1 ad spend to acquire annual subscribers early. There's no right answer here, as it depends on your revenue model and resources. But knowing what works best for your venture is critical for a successful year-end. Related: 5 Strategies to Know As You Scale Your Business Pacing: Perhaps one of the most important elements of car racing and running a business is determining your pace. As a track has different sections that require different speeds, so does the growth trajectory of your business. In racing, drivers often start at a moderate pace to preserve fuel and tire life on long races to avoid unnecessary wear and tear in those initial laps. Running a business is a long race, so you need to balance moderate pacing with those "push to pass" moments, when you strategically fuel a burst of acceleration to overtake your competitors. This could mean launching a feature during a competitor's PR crisis or offering limited-time pricing in a peak demand season. Other pacing factors can include funding levels, product/market fit, cost of customer acquisition, market timing, scalability and more. This is where you lean on your business strategy as a guide in determining your business's optimal pacing. Related: Delegating Doesn't Mean You Lose Control — It Means You Maximize Your Impact. Here's How to Do It Effectively. Crossing the finish line When you're racing a car, crossing the finish line is the end of the race. In running a business, it means achieving sustainable, profitable growth. That feat takes all of the above strategies, combined with your leadership skills in risk management, adaptability and innovation. And most importantly, vision and conviction. As racer Dale Earnhardt once said, "The winner ain't the one with the fastest car. It's the one who refuses to lose."
Entrepreneur
2 hours ago
- Entrepreneur
Your Business is Growing. So Why Are Your Finances Still Abysmal?
When your business outgrows your financial systems, guesswork becomes expensive, and control slips fast. Opinions expressed by Entrepreneur contributors are their own. You're bringing in more revenue. You've hired. You've expanded. But every time you ask for a margin report or runway forecast, the answers are vague. Everybody seems to have their own version of those numbers. Sound familiar? I work as a Fractional CFO with growing businesses across the world, typically between $2 million and $25 million in revenue. Here's what I've seen again and again: The business scales. But finance stays stuck. The books are late. The metrics are unclear. Budgets are more of a guess than a plan. And somehow, even with all the success, the founder feels anxious about cash every month. Here are 7 things every growing business must fix, before your finance function becomes the bottleneck to everything else. Related: I Created a Meeting to Call Out My Team's Mistakes. What Happened Next Surprised Me. 1. Accounting is not a checkbox. It is the foundation One of the first things I often ask is, "How long after month-end do you close your books?" If the answer is over 15 days, we're already late. At scale, you can't afford delays. You need accurate, complete and timely financials — every month. And that too, on time! That means: Revenue and costs are recorded in the right periods Clear chart of accounts Proper treatment of accruals, taxes and adjustments If your numbers aren't current, you're running your business in the dark. That's not a system. That's survival mode. 2. Revenue means nothing if you're not collecting it I've seen companies with strong sales pipelines that still struggle to make payroll on time. Why? Poor collections. Invoices go out late. Follow-ups are inconsistent. Credit terms are unclear. And receivables balloon quietly in the background. And the worst thing is that finance and operations are disconnected. You keep serving the customer, despite knowing that they've not paid for 180 days. If you're not turning revenue into cash, you're not scaling — you're just accumulating receivables. Every growing business needs: Defined billing and collection cycles Weekly cash collection tracking Account-level credit limits and aging reports The moment finance is treated like an afterthought to sales, cash gets squeezed. Scale only magnifies that pain. And one day, you will wake up thinking, "Why don't I have enough money in the bank?" 3. Your budget can't just be a rough estimate Budgeting isn't just about controlling spend — it's about giving the business a plan. I help founders move beyond ballpark targets by installing three key tools: A 13-week cash flow forecast that updates weekly that updates weekly A 12-month budget with functional accountability with functional accountability A 3-year directional forecast tied to milestones The businesses that feel in control aren't always the ones with the most cash. They're the ones with the clearest view of how it's being used — and why. Related: Here's How I Drove My Company's Revenue By Taking One Often-Overlooked Step 4. Not all revenue is equal — focus on what earns, not just what sells It's amazing how many founders grow topline revenue while quietly subsidizing low-margin customers. I've worked with service businesses where 60% of revenue came from clients who, once delivery costs were factored in, barely broke even. At scale, gross margin discipline matters more than volume. You should know: Which products or services have the highest contribution Which customers or segments consistently drive profit Where discounting is eating into your margins As I often say, "You don't scale by selling more. You scale by selling more of what actually works." 5. Overheads aren't strategy. They're investments with ROI As companies grow, overheads tend to expand without much scrutiny. You hire faster. Upgrade tools. Expand office space. Add layers. Social media has made it worse because you want to be seen as the next Google! But more headcount, more software, and more structure don't always mean more output. In my CFO role, I often ask: Is this a "must have" or a "nice to have"? Can we tie this cost to an outcome: efficiency, revenue or scalability? Are we layering cost without accountability? Growth without discipline leads to burn without returns. Related: Understanding Cash Flow in Your Business 6. If you can't measure it, you can't fix it When I onboard a new client, I rarely look at the P&L first. I look at the reporting structure. Are you: Reviewing burn rate monthly? Tracking actuals vs. budget? Watching margin compression over time? Measuring CAC, LTV and churn (if applicable)? Most financial reporting is either too late, too basic or too bloated. What you need is reporting that helps you act. Not just admire the problem. Good reporting turns finance into a decision-making engine. Bad reporting just tells you what already went wrong. 7. Finance isn't back office. It is the foundation for decision-making. Founders often tell me they'll "get to the finance stuff later." But here's the reality: finance always catches up with you. In diligence. In investor meetings. In cash crunches. In expansion stumbles. The founders who stay ahead are the ones who: Hire finance professionals not just to record, but to plan Build internal monthly rhythms Tie finance into strategy(not just compliance!) Demand ROI from every dollar they deploy These businesses don't grow with anxiety. They grow with clarity. And when the next big decision comes — fundraising, a major hire, a new market — they already know what's possible, what it costs and what it returns. Final thought Your revenue may be growing. But if your finance function isn't evolving alongside it, you're not scaling — you're guessing. That guesswork becomes expensive: poor pricing, delayed collections, bloated teams or missed decisions. But it's also preventable. You don't need a finance department to start. You need financial visibility, financial rhythm and financial discipline. Because the moment you stop guessing and start seeing, everything changes.
