National Bank of Ras Al-Khaimah (RAKBANK) has been at the forefront of financial innovation in the United Arab Emirates for many years now, and today the bank launched another highly innovative initiative. In a new development, the bank announced that it had launched a digital platform to facilitate the smooth functioning of small to medium-sized enterprises (SMEs). The digital platform, known as SMEsouk, is going to provide a range of highly important services to owners of SMEs.
The SMEsouk aims to connect businesses with industries that can then provide them with vital services that are not the preserve of banks. Such services include insurance, licensing, and accounting services among others. Usually, small businesses do not get easy access to such vital business services, but due to the availability of this service from RAKBANK, this particular problem could be solved quite easily. In its statement, the bank said that the platform is aimed to ease the range of problems that are faced by owners of SMEs in the United Arab Emirates.
Moreover, all the possible solutions are going to be available at the end of a few clicks. RAKBANK’s CEO, Peter England, spoke about SMEsouk and how it is going to work. He said, “We have partnered with a number of service providers in areas such as licencing requirements, accounting solutions, insurance, trade solutions and more to provide a range of value-added services to our clients.” It appears that SMEsouk is going to be more of a marketplace in which business owners will connect with relevant service providers. The different service providers will also be benefitted immensely by having a large pool of customers on a digital platform.