The UAE is a strong and growing hub for entrepreneurship and innovation. To have a successful economy, emerging businesses need access to financial tools; and local banks are continually raising the bar for providing useful digital solutions. As evidence of this ongoing progress, Rakbank won two awards at the Global Finance World’s Best Digital Bank Awards 2026. Rakbank was awarded Best SME Banking and Best SME Platform in both the UAE and the broader Middle East. Winners of the Global Finance awards are selected based upon demonstrated success in implementing digital banking strategies, providing tangible benefits to customers, and creating platforms that simplify day-to-day operations. For Rakbank, winning these two awards represents many years of investment in developing solutions that help small and medium-sized enterprises (SMEs) establish themselves, manage their cash flow, and grow with minimal obstacles. Opening a business can be difficult due to administrative barriers, particularly when it relates to opening a corporate bank account. Rakbank has addressed this issue through its Business App, which provides entrepreneurs with access to over 200 digital services including payments, trade finance, foreign exchange, card management, and business loans.
In addition to the Business App, Rakbank launched the first 60-minute digital account opening process in the UAE for businesses registered under RAKEZ. Combined with Emirates Face Recognition, accounts can be activated almost immediately. This enables newly registered founders to complete all required compliance checks and begin conducting business transactions on the same day. In terms of providing capital to growing enterprises, Rakbank committed approximately AED 2 billion in additional credit limits across working capital, term facilities, and trade finance. Rakbank also offers flexible financing options such as Loan Against Property which allows business owners to obtain financing up to 120% of the property value, thus providing them with flexibility when expanding their operations.
While obtaining capital and developing digital infrastructure are important aspects of running a business, managing daily expenses is another major concern for emerging business owners. Rakbank helps emerging business owners reduce their daily operational costs by offering zero-balance accounts, multi-currency options, and waiving local and international transfer fees for new business accounts. By combining simple digital tools with practical relationship banking, Rakbank continues to assist thousands of founders throughout the country. This model further supports the UAE’s reputation as a highly supportive environment for new enterprises and demonstrates that when banking tools function quietly and reliably in the background, business owners can focus on what lies ahead.