How difficult is banking nowadays?
With all the fintech floating around, I would assume it should have gotten better by now.
Instead, we still have the countless paper forms to fill, endless days to wait (a month for an account!), hardly any business banking facilities for 3 years, and excessive charges.
Where is that promise of opening a bank account in 24-48 hours, paperless and seamless?
After all, my details are all there – Emirates ID- centralised, even some apartment complexes process this when I go there as a visitor. Surely a bank can do the same online?
Passport copy with visa page – how many times do I have to give this to multiple people? Free zone, bank (even for a gate pass btw, which is funny).
And minimum “relationships” of AED 150k+ per month – how is a startup going to afford that?
AED 200+ per month as charges..
DIFC has a Fintech Hive, ADGM has a Tech Initiative, both have regulatory sandboxes from a while now...so where is that Neobank that everyone is waiting for??