Emerging American Commercial Bank CBiBank expanding in the UAE market
New York
|
November 30, 2022 11:20 AM Eastern Standard Time
CBiBank, an emerging commercial bank in the United States, has recently stepped up its expansion in the UAE, with the signing of strategic cooperation agreements with a number of enterprise service providers in the UAE. With the agreements, the bank shows its commitment to expanding global trade business partners, solving various cross-border trade needs, and promoting global interconnection and cooperation.
CBiBank is a member of the American Bankers Association (ABA), the Society for Worldwide Interbank Financial Telecommunication (SWIFT), UnionPay International (UNIONPAY), Cross-border RMB Clearing (CIPS) among other institutions, and has been approved by the China Securities Regulatory Commission as a qualified overseas investor, a registered dealer of the China Interbank Market Dealers Association, and a member of the foreign currency market of the China Foreign Exchange Trade System. The bank focuses on building an inclusive financial service system through its ‘technology + service’ platform, and provides one-stop cross-border financial services for global trading companies, including opening of offshore accounts, transfer and remittance, e-commerce collection, and corporate wealth management among other services.
The United Arab Emirates, located at the intersection of the three continents of Asia, Europe and Africa, is the beachhead for many countries and large companies in the world to explore the Middle East, North Africa and European markets.
Data shows key growth in the UAE in the first half of 2022:
- Non-oil exports reached AED 180 billion, an increase of 8% compared to the same period in 2021
- Non-oil imports reached AED 580 billion, an increase of 19% over the same period last year
- Trade volume reached AED 300 billion, an increase of 20% over the same period last year
Due to the UAE government's open and free trade policy, the UAE has gradually become the most open free trade zone in the Middle East, and trading companies are flourishing. According to UAE official statistics, as of mid-February 2021, the number of companies operating in the UAE's free trade zones has increased to approximately 60,600, a 3.4% increase from the end of February 2020. As of mid-February 2021, there are more than 44 free trade zones in the UAE, and companies operating in the UAE free trade zones account for 8% of the total number of registered companies in the UAE. Additionally, more than 75% of the enterprises operating in the UAE free trade zone are concentrated in the free trade zone located in Dubai and Abu Dhabi.
CBiBank’s most lucrative cooperative agreement was signed with a local business service provider with deep ties to the UAE. The partner has secured the trust of many international trading companies with its one-stop enterprise services, and personalized low-cost solutions. Taking advantage of the strong regional economic power of the Middle East, the service provider actively leverages its own advantages while seeking partnerships to help them develop the global market.
With the deal, CBiBank becomes a high-quality partner of the aforementioned local business service provider. Founded in 2017, CBi Bank is committed to helping international trading and overseas companies within the United States to conveniently receive payments and handle other cross-border financial issues in the process of internationalization, helping them interact with customers more efficiently.
Sam Su, CEO of CBiBank , has high hopes for the UAE market. “CBiBank is a strong representative for emerging international commercial banks. It has accompanied the growth of tens of thousands of international trading companies, bringing solutions for various cross-border financial obstacles they may encounter in the process of development. As an international bank, we are eager to forge deeper cooperation with excellent enterprise service providers, and work together to achieve a common goal.
Contact Details
CBiBank
Company Website
