Commercial Bank of Dubai to provide crypto businesses in DMCC with banking services

UAE based, The Commercial Bank of Dubai, recently announced its partnership agreement with Dubai Multi Commodities Centre (DMCC) to boost entrepreneurship and support business owners. As part of the agreement DMCC trade license holders will be able to leverage CBD’s banking products and services, including exclusive digital business accounts which can be opened instantly with zero balance options and a wide range of exclusive services tailored for all business needs.

The agreement was signed between Dr. Bernd van Linder, CEO of Commercial Bank of Dubai and Ahmed Bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre.

Dr. Bernd van Linder said: “At CBD, we believe that SMEs and entrepreneurs play a vital role in the growth of the national economy and it is imperative that they get the support they require to accelerate the growth of their businesses. With this partnership with DMCC, we are delighted to offer SMEs and entrepreneurs, holders of DMCC trade licenses, a seamless and instant banking experience, complemented with tailored solutions to fulfill their business requirements.”

Ahmed Bin Sulayem added: “Being home to over 19,000 companies of all sizes from around the globe, supporting existing and new members in every way possible has always been a top priority for DMCC. We are committed to forming partnerships and leading initiatives aimed at enabling businesses to thrive in the UAE and beyond – cementing our position as a global trade hub and ensuring the UAE remains the destination of choice to do business.

This agreement also means that the companies in the newly estbalished crypto center at DMCC will also be able to benefit from banking services with the Commercial Bank of Dubai. UNLOCK spoke to Commercial Bank of Dubai COO Mr. Stefen Kimmel who replied, “As part of the partnership with DMCC we will be looking at providing business accounts to all DMCC licensed companies, including cryptocurrency companies falling within the criteria.”

When asked if any accounts had been opened thus far for crypto companies in the crypto center at DMCC, he replied, “So far we haven’t opened any such accounts.”

Lara Abdul Malak

Lara has been a journalist and writer in the technology field since her graduation from AUB majoring in political science. She has had career in corporation communications in the telecom sector and was part of the launch of first 3G network in the GCC and MENA region. Since her return to journalism she has been focused with passion on blockchain, tokenization, crypto focusing on the GCC and MENA region. Lara worked with Unlock Blockchain until 2022.

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