Anglo-Gulf Trade Bank (AGTB), the world’s first digital trade bank, announced that starting in November 2019, it will be offering qualified businesses registering in Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, a fast-track process for opening a starter corporate account.For new businesses in the UAE, opening a corporate bank account is frequently a long and cumbersome process. AGTB 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.
AGTB’s flexible banking platform expedites and simplifies ADGM-registered entities’ journey when applying for a corporate bank account. Leveraging the latest innovation in Application Programming Interfaces (APIs), any prospective client can grant permission for ADGM to share with AGTB, in real-time, client onboarding information and supporting KYC documentation already collected by ADGM during their incorporation in the free zone. Rather than requiring the client to duplicate their efforts to fill out a full bank account application, AGTB is leveraging all the information already submitted to ADGM, significantly reducing the time it takes to process the application and open the client’s bank account. Registered ADGM firms and entities, which qualify for an AGTB Corporate Account, can access this facility through the ACCESSADGM online portal.
Daniel Gould, Deputy CEO, AGTB, said: “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. “Thanks to ADGM’s proactive approach to fostering the development of their innovative ecosystem on Al Maryah Island, we have been able to leverage their Registration Authority’s ACCESSADGM portal to deliver this new and simplified experience to the companies operating here.
“This is a great example of the power of collaboration between regulatory authorities and the financial sector and highlights how modern technology can benefit today’s businesses.”
The first connectivity of its kind in the region, this adaptive onboarding model can also be expanded to connect with other corporate registries in the future, solving this fundamental challenge faced by many new businesses.
A joint venture between prominent investors from the UK and the UAE, the Anglo-Gulf Trade Bank (AGTB) is the world’s first digital trade bank designed to make business easier for organisations and work to close the USD 1.5 trillion trade finance gap underserved by incumbent banking.