An agreement that provides alternative banking solutions for small businesses

Dubai Chambers concluded a memorandum of understanding with “We Bank”, with the aim of providing companies operating in the emirate with alternative banking solutions, advanced tools for institutional financing and payment solutions, and enhancing the adoption of digital payment methods by the business community in the emirate, which contributes to supporting the objectives of Dubai’s cashless strategy.

Under this memorandum, member companies of the Dubai Chamber of Commerce, especially small and medium-sized companies, will benefit from a smooth and flexible digital experience with regard to opening accounts through Weo Bank, and obtain advanced financing solutions that help companies manage their cash flows, invest in expansion plans, and move forward in their business with confidence and stability.

Executive Vice President of Commercial and Institutional Services at Dubai Chambers, Khaled Al Jarwan, said: “We are keen to enhance the elements of the business environment that stimulates the growth of companies in Dubai, and expanding financing options by relying on financial technology solutions comes within the framework of our commitment to providing more innovative and diverse financial tools that meet the changing requirements of the business community, and enable companies to access more efficient and flexible banking and financing services, which enhances the competitiveness of the private sector, and supports the consolidation of Dubai’s position as a leading global center for business.”

For his part, Prateek Vahi, CEO of the Commercial Sector at Weo Bank, said: “We established (Weo Business) to make banking services simpler for small and medium-sized companies, and this partnership extends to members of Dubai Chambers, from account opening to financing.” He added: “Our goal is to remove the obstacles that slow down companies, so that they can focus on growth.”

Dubai Chambers supports the goals of the Dubai Economic Agenda (D33) to double the size of the emirate’s economy by 2033, and to consolidate its position among the top three economic cities in the world, as it is committed to achieving its strategic priorities of improving the business-friendly environment in Dubai, attracting international companies and investments to Dubai, in addition to leading the expansion of Dubai Chamber members in foreign markets, in addition to developing Dubai’s digital economy.