National Bank of Umm Al-Qaiwain (NBQ) opened a new office in Umm Al Quwain Free Trade Zone (UAQ FTZ) on 14th March 2022. The ceremony was attended by Mr Adnan Al Awadhi, NBQ Chief Executive Officer along with Mr Mike Tufail, NBQ Assistant General Manager and Mr Johnson M George, General Manager, Umm Al Quwain Free Trade Zone.
The new bank office at the Free Zone will aim towards easing the banking operations for SMEs, entrepreneurs and large enterprises in the UAQ. UAQ Free Trade Zone (UAQ FTZ) has previously signed an MOU with NBQ to enhance banking credibility and convenient banking operations. This will open doors for companies in UAQ Free Trade Zone (UAQ FTZ) and stewarded areas as they benefit from NBQ's presence.
The main point of consideration is that corporate bank accounts will be offered to any entities as long as they are registered with UAQ Free Trade Zone across all business activities and license types.
“In today's challenging economic conditions, SMEs can get financial support and access to avail simple and NBQ's convenient banking solutions that better suit their needs such as easy access to account opening services, credit facilities, trade finance services, etc. In the process, this arrangement will accelerate the growth of the UAQ economy and also boost the expansion of further companies to register with UAQ Free Trade Zone that will bolster businesses and amplify more economic activities,” Mr Adnan Al Awadhi said while opening the new office. This association will also enable affordable and accommodating banking solutions with special account packages.
“We believe our partnership with the reputed NBQ will support SMEs as we thrive on SME growth. Stable and straightforward banking operations will help to sustain innovation, value creation and growth among the small and medium firms who form the larger share of our membership base. We trust our alliance with NBQ is going to play a crucial role, as our SME members who are usually underserved in the market would experience priority banking. Helping businesses set up their operations in the UAE has always been our focus and opening an office in our premises would be a mark of our commitment to our members,” said Mr Johnson George.
Earlier in December 2021, NBQ also attained the PCI DSS certification through an independent assessment by a Qualified Security Assessor (QSA) - SISA.
This certification is one of the most strict and comprehensive payment security certification standards in the world which has now been achieved by NBQ. The achieved PCI DSS certification underlines the bank’s commitment to providing safe and secure banking services to all its customers.