• DAFZA companies to benefit from multiple digital banking solutions, value added services, and mentorship
  • Memorandum of Understanding will explore API integration for business banking onboarding

Dubai: Mashreq, one of the leading financial institutions in the UAE, has signed a strategic Memorandum of Understanding (MoU) with Dubai Airport Freezone Authority (DAFZA) to support and grow the ecosystem of services available to small and medium sized businesses setting up in the zone. The MoU will ensure DAFZA businesses have access to a wide variety of initiatives including API integration, as well as banking services through Mashreq’s exclusively digital business banking platform, NEOBiz.

Under the MoU, DAFZA companies will be given priority access to banking services through the platform, where they will be able to open instant accounts with the help of a dedicated Mashreq relationship manager to facilitate their access to banking services. Mashreq's NEOBiz solution will be the preferred platform to support businesses under DAFZA's innovative Scality Tech Startup Program.

The MoU also provides DAFZA SMEs with discounted access to accounting packages, cloud infrastructure, digital tools and a suite of mobile point-of-sale solutions, payment gateways and software systems such as ZohoBooks, Microsoft Office and AWS - all designed to help SMEs become more successful.

Abdulaziz Al Hammadi, Director of Marketing and Corporate Communications at DAFZA and board member of Scality, said: “Through this memorandum, Mashreq Bank and DAFZA will offer a new addition to the support system and experience of our customers to facilitate business and drive the improvement of operational processes for more than 1,800 companies in the free zone. This initiative is part of our commitment to continue supporting various types of companies through facilities, quality services, institutional and technical advice, including for small and medium-sized companies in DAFZA. They benefit from strategic support that increases their economic contribution and increases the growth of their businesses, especially during the post-pandemic recovery phase. This will be delivered through distinguished banking services, including the ability to easily open accounts with the support of specialists, and other solutions that enhance the financial and banking flexibility of companies.

He added: “The Scality program, which was launched by DAFZA, has a strategic priority to support local, regional and global emerging technology companies through an exceptional experience that ensures smooth establishment. This memorandum serves as an important strategic complement to the system supporting this category of companies."

Vikas Thapar, Head of Business Banking and NEOBiz, Mashreq Bank, added: “It is incumbent upon financial institutions to provide SMEs with digital solutions that support and accelerate their growth, especially now. We are pleased to embark upon a long-term strategic partnership with DAFZA to support the SME eco-system with value added services and banking products. NEOBiz empowers DAFZA SMEs and entrepreneurs with branch-less banking, intelligent teller machines, ATM and cash deposit machines, and online and mobile application banking."

Additionally, the Mashreq NEOBiz team will share expertise and insight with business owners through webinars hosted by its executives and their strategic partners and facilitating round table sessions with the aim of fostering entrepreneurship and education for the SME community.

Mashreq NeoBiz has also partnered with other free zones, startup ecosystems and incubators to serve newly set up companies, including a blockchain based partnership with the Dubai International Financial Centre (DIFC).

-Ends-

About Mashreq

One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services. 

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey  in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

For media enquiries, please contact:
Rana Al Borno                                                   
Public Relations, Mashreq                                    
Tel: 04 –6083629                                   
Email: RanaAlb@mashreq.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.