According to a media report, the National Bank of Fujairah (NBF), which partnered with leading DLT company Ripple earlier this year at the start of the global pandemic lockdown, has released a community for SME that will serve as an exclusive banking platform.
NBF, Visa and Etisalat launch a unique SME platform
The brainchild of joint efforts of NBF, Visa and Emirates telecom giant Etisalat has been launched under the name NBF Connect. This platform will be the first to cater to the interests and needs of SME (small and medium enterprises) in the UAE.
The NBF Connect community will function as a one-stop shop for its members and will enable them to gain access to various services and solutions that SMEs can provide to each other.
Among these solutions will be HR services, legal support and ecommerce and marketplace management. In addition, members will be able to participate in knowledge sharing via lectures, seminars, masterclasses and so on.
Visa and Etisalat—the brand name of the Emirates Telecommunication Group Company—will ensure that members of the new platform will have all the necessary tools and solutions to make it all happen and help local SMEs evolve and expand in their markets.
NBF wires cash to India via RippleNet
In early March, the National Bank of Fujairah PJSC announced that it had inked a deal with Ripple to join its RippleNet platform in order to upgrade its own methods of wiring funds across the world.
NBF stated that from that point on it would offer its customers real-time cross-border payments that take just minutes and will be able to track those transfers from one end to the other.
The bank was going to take advantage of opportunities that come with RippleNet to send remittances to India with its vast market using IndusInd Bank.