RAKBANK/SUPPLIEDby Kudakwashe Muzoriwa
National Bank of Ras Al-Khaimah (RAKBANK) has launched SMEsouk, a digital community platform whose core focus is to support SMEs by connecting them with complementary industries for a comprehensive suite of non-banking services such as licencing, accounting as well as insurance and other trade requirements.
RAKBANK stated that the digital community platform serves SMEs in the UAE by addressing the challenges and pain points of conducting business, directing users and customers to offers as well as unique financial packages available in just a few simple clicks.
Peter England, the CEO of RAKBANK, 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.”
In August 2019, RAKBANK signed an MoU with City Properties Real Estate (CPRE), to enable the lender’s business banking unit to refer specialised services to its real estate customers on preferential terms.
The bank recorded a profit of AED 284.5 million, a 19 per cent year-on-year increase in Q3 2019 on the back of an increase in operating income and a decrease in credit loss provisions.
According to the Ministry of Economy, the SME sector represents more than 94 per cent of the total number of companies operating in the country and provides jobs for more than 86 per cent of the private sector's workforce.