Emirates NBD has introduced new measures to support UAE businesses in line with the recent government and central bank initiatives. Emirates NBD’s Transaction Banking Unit will reduce tariffs over the next three months, particularly for customers transactions made using smartTRADE platform.
It is reported that the UAE government had urged the central bank to reduce fees and commissions and reschedule loans as it seeks to alleviate economic impact caused by the coronavirus epidemic. The UAE is a major regional business hub and transit point for those travelling to China and other Asian destinations.
According to Standard & Poor’s analysis, the UAE and other GCC countries will be affected by the epidemic in China.
To support the UAE’s initiative, The bank has reduced transaction fees for customers using smartTRADE. Its smartTRADE customers can submit all trade requests, including letter of credit and trade loan on the bank’s platform. They will receive benefits such as reduced transaction processing and handling fees. Recently, Emirates NBD revamped the platform allowing customers to obtain trust receipt financing by submitting a request online, instead of visiting the bank branch.
With the revamp, customers will transaction updates in real-time through email and SMS.
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD, said in a statement, “Emirates NBD’s smartTRADE portal offers Emirates NBD Transaction Banking clients a comprehensive range of functionalities, allowing them to submit all trade requests — such as LC, trade loan requests and so on — online, enjoying a shorter turnaround time in the process.”
The bank will retain the existing benefits in terms of processing fee for both letter of credit issuance and guarantee issuance for transaction on its smartTRADE platform.