The Banking Executive Magazine - Issue 150, June 2021

Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, and Network International, the lead- ing enabler of digital commerce in the Middle East and Africa (MEA) re- gion, have recently signed an agree- ment to provide Network International’s merchant clients with a pre-approved business loan against their Point of Sale Receivables. The agreement was signed by Amit Malhotra, GM - Personal Banking Group, CBD and Ahmed Bin Tarraf, Regional President UAE, Network In- ternational, at a ceremony held re- cently at CBD’s Head Office in Dubai. The event was also attended by senior executives from both or- ganisations. With this partnership, CBD will offer business loans to Network’s retail and eCommerce clients against their Point of Sale (POS) machines or pay- ment gateway proceeds, quickly and with minimal documentation. CBD offers high business loan amounts with competitive interest rates and repayment tenure of up to 36 months. Amit Malhotra, General Manager – Personal Banking Group, said, "The collaboration with Network Interna- tional is in line with our commitment to promote the overall business envi- ronment in the UAE and support SMEs and start-ups as they are a vital contributor to the growth of the economy. It also illustrates our deter- mination to provide our clients with best in class products and services that caters to their needs to help them expand and achieve their fu- ture growth plans. Since last year, there has been a huge increase in the number of contactless transactions and in merchants using POS ma- chines, largely due to the global Covid-19 pandemic. We see a strong requirement and opportunity to pro- vide those merchants with adequate support and financing solutions to streamline their working capital so that they can focus on scaling up their businesses. This initiative fur- ther complements our recent partner- ships with Dubai Economy and Emirates Development Bank." Ahmed Bin Tarraf, Regional Presi- dent UAE, Network International said, "We are pleased to join hands with CBD to enable our merchant clients to access business loans quickly and easily against their POS receivables. As the country’s leading acquirer, we remain committed to leveraging our expertise and network to support small, medium and large UAE companies with their business objectives and to achieve their growth potential." CBD also offers an exclusive digital Business account for SMEs which can be opened instantly with zero balance options and a wide range of exclusive services tai- lored for business needs. the BANKING EXECUTIVE 32 ISSUE 150 JUNE 2021 Commercial Bank of Dubai PARTNERS WITH NETWORK INTERNATIONAL TO OFFER PRE-APPROVED BUSINESS LOAN