< Previous20 Grow from Dubai Supplement – August 2023 RAKBANK Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK discusses how this shift has aligned with Dubai’s growth and what makes it work. With a mission to o er innovative products to customers and companies, how is RAKBANK helping bolster the banking industry with Dubai’s growth and expansion? The partnership, signed between The Mohammed Bin Rashid Fund (The Fund), the nancial arm of Dubai SME and RAKBANK, in 2018 has enabled entrepreneurs and start-ups in Dubai to benefit from the bank’s Business Banking solutions, including the facility to open a business current account with no minimum balance or maintenance fee required as well as the availability of secure nancing against credit guaran- teed by the fund. The Zero Balance Business Account provided by RAKBANK exclusively to Dubai SME members offers further bene ts including preferential foreign exchange and trade nance rates, inter- est/pro t on balances, a dedicated rela- tionship manager as well as easy access through the RAKBANK business mobile app. Dubai SME members seeking RAKBANK nancing can also receive assistance on various aspects of project development as well as training on cash flow management, operational management, and maximisation of return on investment. In addition, the fund o ers full or partial credit guaran- tee on SME nancing of up to 80 percent of the project cost, up to a maximum of AED 5 million, provided by RAKBANK to quali ed Dubai SME members. How has RAKBANK’s shift aligned with Dubai’s growth over the years? The bank’s transition from personal and business banking to corporate banking aligns perfectly with these trends, positioning it as a crucial enabler for large and growing busi- nesses. The bank will continue invest- ing in personal and business banking, so that the bank can deliver specialised nancial solutions, advisory services, and networking opportunities tailored RAKBANK: Turbocharging entrepreneurs and start-ups in Dubai with innovative business banking solutions RAKBANK has a diversi ed portfolio that includes corporate banking, personal banking, and business banking allowing it to serve different segments of the market effectively and contribute to the growth and success of businesses and individuals alike. The bank has a strong focus on business banking and has established itself as a leader in this sector by offering specialised products and services to support small and medium-sized businesses, which form the backbone of many economies RAKBANK have strict processes in place to protect clients' information and comply with industry standards and regulatory requirements, says Kunwar Banking for start-ups22 Grow from Dubai Supplement – August 2023 RAKBANK to the unique needs of individuals and businesses. This strategic realignment enables the bank to serve Dubai's expanding population, promote nan- cial inclusion, and adapt to the evolving market dynamics. This ultimately strengthens its ability to meet the diverse requirements of individuals and small businesses in Dubai. What di erentiates RAKBANK in its o erings that makes it unique from the competitors? Our core values focus on sustainabil- ity, accessibility, and security, and we prioritise the long-term success of our customers and the community by building trust. We ensure easy access to our services through our extensive branch and ATM networks, contact centre, digital banking, website, and social media channels. Security is of utmost importance, and we have strict processes in place to protect your information and comply with industry standards and regulatory requirements. Do you feel that digitisation in banking is the way forward and what is RAKBANK doing in this capacity? Digitisation in banking is widely regarded as the way forward in the nancial industry, and o ers multiple bene ts including enhanced conveni- ence, accessibility, e ciency, cost-ef- fectiveness, and improved customer experience. Many banks have recog- nised the importance of digitisation and have taken several steps in this direc- tion, including online and mobile bank- ing, digital payments, electronic state- ments and noti cations, automation and artificial intelligence, as well as robust security measures. Other steps include open banking and APIs, digital customer on boarding, innovation labs and partnerships, data analytics and personalisation, as well as cloud computing which enables banks to store and process large amounts of data, host applications, and deploy services rapidly. RAKBANK has digital on board- ing for SMEs as well as a market place call smesouk. How is RAKBANK steering the entrepreneurial narrative in Dubai? RAKBANK offer a comprehensive range of solutions to support start-ups and drive their growth, including tailored nancing options to meet their unique funding needs, specialised advisory services for business planning and nancial management, and access to entrepreneurship programmes and competitions that provide valuable networking and mentorship opportu- nities. Banks also foster networking and community-building initiatives, connecting start-ups with industry experts and potential investors. Collaborations with incubators and accelerators further bolsters the start-up ecosystem, while innovative digital banking solutions streamline nancial operations. What are some core steps RAKBANK is taking to support the growth of Dubai moving forward? To drive growth and innovation in the banking sector, it is essential to embrace digital transformation by offering robust online and mobile banking plat- forms, personalised digital services, and secure interactions. RAKBANK also embraces digital transformation, promotes sustainable nance, collabo- rates with ntech start-ups, enhances cybersecurity, supports economic diversi cation, engages in corporate social responsibility, adopts a custom- er-centric approach, ensures regula- tory compliance, and upholds ethical practices to drive growth and innova- tion in the banking sector. Apart from this, RAKBANK continues to be the lead- ing SME bank of the country and SMEs remain a vital part of Dubai’s economy and growth. To drive growth and innovation in the banking sector, it is essential to embrace digital transformation by o ering robust online and mobile banking platforms, personalised digital services,and secure interactions Banking for start-ups RAKBANK upholds ethical practices to drive growth and innovation in the banking sectorarabianbusiness.com 23 RAK BANK Could you please share insights about Telr, its range of o erings, the company's journey, and some background information about you, Khalil Alami, as the Founder and CEO of Telr? I am Khalil Alami, Founder & CEO of Telr, the UAE-based award-winning payment gateway solutions provider. I Joined as CEO in 2019, and since then, the Company has achieved impressive growth, transforming the company from being a single Payment Gateway into an e-commerce best-in-class technology solutions provider for small and medi- um-sized enterprises with focus on growing markets across the Middle East and North Africa. I started my career after attending Purdue University’s Krannert School of Management, where I earned my Bach- elor’ degree of Science in Economics and Management Information Systems. In addition, I hold an MBA from the American University of Beirut. Over the course of 20 years, I rose through the ranks of Jordan-based payment processor International Cards Company, ultimately serving as CEO and member of the board, and I also served as a board member of the Young Entrepreneurs Association of Jordan, promoting economic development through independent business leader- ship. I am a Member of the Regional Fintech Working Group of the Arab Monetary Fund. Telr, is an award-winning, Dubai- based start-up o ering payment gate- way solutions for SMEs, government bodies, and large corporates. Our whol- ly-owned, unique platform enables it to handle complex or unique payment methods or integrations. Telr enables businesses to transact in over 120 currencies with payment platform capabilities in 30 languages & it provides customers with a range of nancial & business services that include social commerce, QR Codes, BNPL, e-Com- merce Platform, Business Loans, Payment links, Anti-fraud protection, Shopping Cart Integrations, & more. TELR is the rst PCI DSS Level 1 & NESA certi ed company in MENA. Telr: Empowering online businesses to maximise their potential Whether you’re a brand-new start-up, an established retailer moving online, or a digital gateway expanding into new markets, a payment gateway like Telr can help support different businesses' growth and evolving needs Khalil Alami, CEO and founder of Telr, says the company's mission is to build connections that remove fragmentation in the e-commerce ecosystem Banking for start-ups24 Grow from Dubai Supplement – August 2023 RAK BANK Telr recognizes the dynamic nature of customer requirements and evolving market conditions in Dubai and the region Banking for start-ups What are some key facets of a digital gateway that facilitate growth? A digital gateway that serves as an ideal payment gateway should possess several key attributes that enable it to support di erent businesses’ growth and evolving needs. Just some of the qualities that make a digital gateway an ideal choice include scalability, as an ideal payment gateway should have the ability to scale alongside your business. It should be capable of handling increasing transaction volumes without compromising performance or secu- rity. Also, a digital gateway should o er exible integration options and support various payment methods. It should seamlessly integrate with your website or e-commerce platform, enabling a smooth customer experience. Additionally, it should support different payment types, such as credit/debit cards, digital wallets, bank transfers, and other popular payment methods, catering to a wide range of customer preferences. And it must support global transactions, accept multiple currencies, handle interna- tional payments, and provide custom- ised services according to the custom- ers’ needs. It should comply with international payment regulations and offer localised payment options to enhance the user experience for customers in di erent regions. Finally, an ideal payment gateway should employ robust security measures to protect sensitive customer data and prevent fraud. Look for features like tokenisation. With Dubai expanding its e-commerce sector at a rapid pace, How has Telr adapted to evolving customer needs and market conditions while expanding its services? Telr recognises the dynamic nature of customer requirements and evolving market conditions in Dubai and the region. In response, our dedicated team of developers tirelessly endeavours to develop and deliver state-of-the-art technology and security tools to meet the demands of the regional market. With a holistic approach, Telr has significantly broadened its service portfolio, presenting a comprehensive solution for the e-commerce industry. This encompassing solution spans a wide spectrum of nancial and busi- ness services. These include social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL), Telr Finance — an innovative merchant nancing program, and Telr Shops — an intuitive tool that empowers users to create an online store within minutes. As a multicurrency payment gateway, How has Telr bene tted by leveraging Dubai as its base? Telr has bene tted greatly by leverag- ing UAE as its base, given that UAE has a mixture of factors that supports our type of business, including a younger, more tech-savvy demographic coupled with the nation’s high per capita GDP that led to a consumer base that was more acceptable for new trends, products, and nancial solu- tions. The fact that more than 92 percent of the population had access to the Internet was another signi cant contribution to the payment and e-commerce sector in general. Success for ntech services in the UAE did not happen overnight, ntech startups are bene tting from regula- tory sandboxes by ADGM and DIFC that gave fintech companies the opportunity to test and try out their products. Finally, the ease of various procedures and access to government and private funds positively attracted ntech startups worldwide. How is Telr poised to encourage growth for businesses? What is it that you do di erently? Platform businesses are moving rapidly, and business needs are constantly changing, which calls for customisation, personalisation, and localisation in providing services. Telr is fully proprietary technology, which means that we build and maintain our system in-house and have complete control over our technology. This allows us to provide a well-developed, up-to-date, and customisable payment gateway that can provide more exibility, security, and func- tionality to support the needs of different online businesses while ensuring seamless development processes designed for rapid deploy- ment, increased efficiency, and an optimised user experience.26 Grow from Dubai Supplement – August 2023 NOON way to reach a diverse group of customers. By utilising noon’s marketplace and tools, like our huge last mile fleet, businesses can potentially reduce costs by avoiding overheads typically associated with setting up an online presence. This can be a helpful way to save resources and operate more e ciently. noon allows businesses to easily list products, participate in special events like our Yellow Friday Sale, Back to School and Ramadan, compete for top advertising posi- tions, utilise warehouse space and the Middle East’s largest ful llment network. Stay ahead of shoppers’ needs with noon Minutes To stay ahead of our shoppers’ needs, Growing your online success with noon.com When it comes to growing your online business, having a strong presence on e-commerce platforms is crucial. Noon.com is the region’s leading online shopping destination, with millions of visitors daily, making it an ideal platform for entrepreneurs, SMEs, and SMBs in Dubai who are looking to advance their business and take it to the next level E-commerce opportunity in Dubai Selling on noon provides a professional and e cient way of reaching a huge audience. Our sellers can bene t from minimal set up costs (sale commissions range from 4% to 27%, depending on your product), and increased customer trust. And with our Meydan Free Zone partnership, ‘Grow from Dubai’ which takes care of the physical business setup needed before selling online, it’s now easier than ever to get started. Perks of setting up your brand’s online presence Setting up a store on noon.com can be a great way to generate extra revenue, no matter the size of your business. For small startups or established brands, listing your products on noon.com can be a great noon was created to help businesses, no matter their size - grow. start selling on grow your business Use noon's custom-built tools and seller support team to expand your business online, safeguarding for future success. Access noon's hyper-engaged database of millions of customers across KSA, the UAE, and Egypt. reach millions of customers increase your sales Amplify your selling success by leveraging noon’s shipping, pricing, and advertising tools. visit sell.withnoon.com28 Grow from Dubai Supplement – August 2023 NOON we launched our quick commerce service, noon Minutes, featured at the top of the noon app. Thousands of products are just a tap away - from fresh groceries and baby products, to home essentials, beauty, and elec- tronics, delivered in 15 minutes or less. For businesses looking to stay ahead of the curve, noon Minutes can be the perfect partner to fuel busi- ness growth. Tips on outperforming your online business goals We created a sophisticated suite of custom-built tools to expand our sellers’ businesses online, safe- guarding them for future success. We're seeing more and more sellers outperform their business goals by leveraging noon's suite of resources. Hundreds of brands have signifi- cantly boosted their success metrics through noon’s advertising options. Product listing ads, social media promo- tions, and CRM campaigns are just a few ad solutions available to noon sellers. On our platform, businesses of all sizes are given a comprehensive set of tools to help them thrive. Seller success is always top of mind, whether it's smart storage solutions with Fulfilled by noon, pricing and stock guidance, dedicated seller support, or broadening their reach with our massive customer database and logis- tics network. Which selling model is right for me? Our Ful lled by Partner (FBP) selling model allows sellers to manage certain aspects of the selling journey, such as item storage and packing, while noon handles order manage- ment, delivery, and after sales. Ful lled by noon (FBN) is a faster and more efficient delivery model that allows customers to get their purchases sooner. The FBN option stores products in noon's customer fulfillment centers (CFCs), with noon's teams handling warehousing, picking, packing, shipping, and all other customer touch points. With the help of our expert seller support teams and extensive suite of tools and services, we’re dedicated to fueling the growth of entrepreneurs, SMEs, and SMBs alike. Interested in selling online on noon? On our platform, businesses of all sizes are given a comprehensive set of tools to help them thrive Noon is dedicated to fueling the growth of entrepreneurs, SMEs, and SMBs alike E-commerce opportunity in Dubaiarabianbusiness.com 29 NOON E-commerce opportunity in Dubai How does Zbooni facilitate businesses to sell more? Zbooni is an easy-to-use platform that helps businesses to interact with their customers via social and messaging apps, convert those conversations into sales by sharing product links, and turn this data into powerful insights to help you know more about your customers to increase retention and sales to those audiences. All orders are acces- sible on a convenient app and brows- er-based dashboard, with all receipts and invoices stored to save you time on admin. Improving these processes has resulted in businesses growing their basket sizes – in fact, because you can have a real human chat with your customer, the average Zbooni order is nearly three times bigger that on e-commerce platforms. More than 81 percent of customer interactions empowered by Zbooni result in a converted sale. That compares to traditional e-commerce where just a few percent of baskets actually convert. Zbooni also supports businesses with a rapidly growing marketplace for brands to showcase products and services. As Zbooni helps businesses to easily get started with selling online, how is this helping Dubai grow online retail? Dubai's support for start-ups in quickly establishing businesses boosts entrepreneurship and steers the growth of the sector. Zbooni empow- ers a simplified and rapid setup process, businesses can launch their online stores in minutes, reducing time-to-market and capitalising on market opportunities quickly. Combined with a growing ease in licensing and establishment, it makes Dubai an attractive destination for international businesses and enhances its competitiveness in the global e-commerce landscape. The emirate promotes the adoption of digital technologies, online transac- Zbooni: Propel your business with a seamless integration of commerce and payment solutions merged with the power of social and messaging apps Across e-commerce, professional services, food and beverage, sports and tness, education and training, retail, and many more sectors, Zbooni is helping businesses to sell more. To understand in greater detail, Zbooni’s CEO Ramy Assaf explains the impact that the business has on the region and what makes it work Zbooni Marketplace is the quintessential space to showcase products or services to millions of shoppers, says AssafNext >