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Meydan Free Zone creates an electronic wallet to speed up transactions

Meydan Free Zone business owners can exclusively benefit from the Meydan Pay digital application, which is the first and only digital solution in the UAE that allows businesses to obtain an instant and guaranteed IBAN with the license. The app enables a 360-degree digital experience that facilitates business transactions.

According to the National Economic Register, the UAE saw a 4.4% increase in free zone businesses. Meydan Free Zone, located in a prime location, encourages aspirants and dreamers to establish and/or grow their business with Meydan which provides optimized business solutions in the setup process.

Meydan Free Zone’s approach is to build a future strategy for entrepreneurs by empowering and facilitating all operations through innovative tools. According to UAE law, an entrepreneur must have a corporate bank account as a prerequisite before carrying out any transaction.

Opening a corporate account is a tricky process due to strict KYC (know your customer) rules and regulations in the UAE. The process is made faster and easier with Meydan Free Zone as Meydan Pay App (their exclusive service) reduces long queues and account opening procedures for their contractors.

The Meydan Pay app is effortless as it is a 100% digital portal that allows a business owner to get a license and then get the instant IBAN.

“Meydan Free Zone is a thriving community that provides businesses with a secure, innovative and technologically advanced environment that empowers entrepreneurs to realize their dreams. Our team of experts are constantly working to improve the journey of starting a business by facilitating processes and assisting in setting up services,” commented Omar Khoory, Director of Assets, Meydan Free Zone.

This bespoke banking solution eases one of the many key challenges of getting a bank account for entrepreneurs, allowing them to focus on business strength, growth and expansion. The app is an all-digital solution readily available on Google Play Store.

Meydan Free Zone further simplifies the most important daily business activity – transactions. Aiming to create a paperless experience, Meydan Pay App enables entrepreneurs to generate invoices, accept and make payments with a single click, eliminating long and time-consuming bank transfers.

The application is also open to all nationalities, residents and foreigners. Not only that, but Meydan Free Zone has partnered with several local banks and Ansari Exchange, making it easy to withdraw cash as and when needed.

The fully digital portal acts as an e-wallet that allows businesses to pay their bills through the virtual account. It not only provides account transaction history information, data and analytics, but also acts as a point of sale (POS) for retail businesses.