Meydan Pay, a digital banking solution for Meydan Free Zone businesses

Meydan Free Zone creates a first of its kind innovative e-wallet to make transactions easier and faster

07 March 2022: Meydan Free Zone business owners can exclusively benefit from the digital application Meydan Pay. It is the first and only digital solution in the UAE that enables businesses to obtain an instant and guaranteed IBAN with the license. The app allows a 360-degree digital experience that eases business transactions.

As per the National Economic Register, the UAE has seen a 4.4% rise in free zone companies. Meydan Free Zone, located in a premium location encourages aspirers and dreamers, to establish and/or expand their business with Meydan that provides optimized business solutions in the setup process.

Meydan Free Zone’s approach is to build a future-forward strategy for the entrepreneurs by empowering and easing any operations through innovative tools. As per the UAE legislation, an entrepreneur needs to have a corporate bank account as a pre-requisite before making any transactions. Opening a corporate account, is a tricky process due to the stringent rules and regulations for KYC (know your customers) in the UAE. The process is made faster and easier with Meydan Free Zone as Meydan Pay App (their exclusive service) reduces the long queues and account opening procedures for their entrepreneurs. The Meydan Pay App is effortless as it is a 100% digital portal which enables a business owner for a license and then for the instant IBAN.

“Meydan Free Zone is a thriving community that offers businesses a secure, innovative and a technologically advanced environment that empowers entrepreneurs in achieving their dreams. Our expert team constantly works on enhancing the company formation journey by easing processes and assisting in set up services” commented Omar Khoory, Chief Assets Officer, Meydan Free Zone.

This tailor-made banking solution eases one of the many key challenges of getting a bank account for the entrepreneurs allowing them to focus on the strength, growth, and expansion of the business. The application is a fully digital solution that is easily available on Google Play Store. Meydan Free Zone further simplifies the most important day to day business activity – transactions. With the aim of creating paperless experience, Meydan Pay App enables entrepreneurs to generate invoices, accept and make payments through one click of a button eliminating lengthy and time-consuming bank transfers. The App is open to all nationalities, residents, and foreigners as well. Not only this, but Meydan Free Zone has partnered with several local banks and Ansari Exchange which makes it easier to withdraw the monies as and when required.

The all-digital portal acts as an e-wallet which enables businesses to pay bills through the virtual account. It not only gives insights, data and analytics on the account’s transaction history but also acts as a Point of Sale (POS) Machine for retail businesses.

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About Meydan Free Zone

Meydan Free Zone is a 360-degree platform that helps entrepreneurs in successfully setting up a business. It is one of the free zones that offers cost-effective business setup in Meydan. Meydan Free Zones offers a wide range of beneficial services to the business owners through easy bank account setups and guaranteed instant IBAN, flexibility on applying for dependent visas and 100% foreign ownership. Meydan Free Zone supports 1,500 business activities and enables business owners to focus on growing and expanding the business while taking care of the other additional yet important activities.

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