Dubai Economy and Commercial Bank of Dubai (CBD) have joined hands to provide exclusive banking services for DED Trader licence holders. The initiative enables startups in Dubai to leverage online and social media for business growth.

With the DED Trader smart banking solutions, DED Trader licence holders can open a CBD account with ‘zero balance’ and minimal paperwork, secure preferential rates on local and international transfers and get a free cheque book, reported state-run news agency Wam.

Business owners will also have the opportunity to earn up to 100% of their trade licence fees back based on the average daily balance maintained in their accounts. In addition, they can get a CBD credit card and convert their licence fee into 0% easy payment plan payable over a period of 6 or 12 months.

"The collaboration with CBD reflects Dubai Economy’s focus on promoting e-commerce and the competitiveness of Dubai’s economy, as well as our commitment to realising the vision of the government to drive digital transformation and build awareness about the e-platforms that facilitate commercial activities. We are keen on promoting public-private partnerships, especially in the finance sector, to enable startups to conduct business seamlessly," said Omar Khalifa, Deputy CEO of the Business Registration and Licencing (BRL) sector, Dubai Economy.

"The BRL sector provides support to DED Trader licence holders through our partnerships with the government and private sectors. We offer facilities to enhance their business growth as well as open new channels through greater cooperation with sales outlets. This is in line with the UAE government’s decision to support startups and accelerate their pace of growth in alignment with the global trends to ensure their success and growth," said Omar AlMeheiri, Director of Follow-up and Development in the Business Registration & Licensing sector in DED.

Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said: "We are delighted to provide DED Trader licence holders with exclusive banking services ranging from special and free banking benefits to redeeming up to 100% of their trade licence fee. This comes as part of our strategic partnership with Dubai Economy to enhance the overall business environment of Dubai and support entrepreneurs by providing them with the relevant products and services to set up and promote their businesses."

Amit Malhotra, GM- Personal Banking Group added: "Our partnership with Dubai Economy is a good example of the public and private sectors working together to support start-ups in Dubai, help manage their finances and benefit from the best banking solutions through a seamless and smooth user experience. CBD is committed to supporting the UAE economy and we will use our extensive banking experience to drive the growth of the business sector."

The DED Trader aims to licence startups and business activities that operate online or on social networking sites. The licence, which is issued electronically, guides traders towards the right path to enter the business world.