Ras Al Khaimah:Ras Al Khaimah Economic Zone (RAKEZ) and Rakbank have launched a new initiative that allows eligible RAKEZ businesses to open a Rakbank Business Current Account within 60 minutes, marking a first-of-its-kind service in the UAE.
According to Emirates News Agency, this service is accessible to both new and existing businesses holding a RAKEZ trade license. It is designed for companies aiming to establish or transfer their banking relationships to Rakbank.
Eligible businesses will benefit from a zero minimum balance requirement for the first 12 months. They will also enjoy discounted monthly account maintenance fees of AED 49 for the first year. Additionally, businesses can receive AED 1,000 cashback by maintaining a monthly average balance of AED 25,000 during each of the first three months after opening an account. The offer includes zero fees on domestic and international transfers, valid under Rakbank's current acquisition offer until October 31, 2026.
Ramy Jallad, Group CEO of RAKEZ, emphasized that the partnership aims to facilitate easier access to fast and efficient banking services, aiding businesses in their growth journey. Jallad highlighted that the ability to open a business account within an hour is a significant step forward in simplifying banking access, providing greater choice, convenience, and value to companies.
Vishal Shah, Managing Director, Business Banking Group at Rakbank, stated that quicker access to banking allows entrepreneurs and business owners to focus more on developing their businesses and exploring new opportunities. Shah noted that the partnership with RAKEZ offers a faster route to banking, supported by valuable benefits from day one, with Rakbank ready to assist with financing, transaction banking, payments, and trade solutions as businesses expand.