UAE’s Mashreq Bank signs MoU with DAFZA to boost SME growth
Now Reading
UAE’s Mashreq Bank signs MoU with DAFZA to boost SME growth

UAE’s Mashreq Bank signs MoU with DAFZA to boost SME growth

DAFZA companies will also be given priority access to digital banking services through Mashreq’s NEOBiz platform, where they will be able to open instant accounts

DAFZA

Mashreq Bank has signed an MoU with Dubai Airport Freezone Authority (DAFZA) to grow services available to small and mid-size enterprises (SMEs) setting up in the freezone.

The MoU outlines plans to ensure DAFZA businesses have access to a variety of initiatives including API integration, as well as banking services through Mashreq’s exclusive digital business banking platform, NEOBiz.

Under the MoU, DAFZA companies will also be given priority access to banking services through the platform, where they will be able to open instant accounts.

“NEOBiz empowers DAFZA SMEs and entrepreneurs with branch-less banking, intelligent teller machines, ATM and cash deposit machines, and online and mobile application banking,” said Vikas Thapar, head of business banking and NEOBiz at Mashreq Bank. The Mashreq NEOBiz team will share 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’s NEOBiz solution, which has already partnered with other freezones, startup ecosystems and incubators, including a blockchain-based partnership with the Dubai International Financial Centre, will be the preferred platform to support businesses under DAFZA’s Scality Tech Startup Programme.

“The Scality programme, 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,” said Abdulaziz Al Hammadi, director of marketing and corporate communications at DAFZA and board member of Scality.

The MoU also provides SMEs operating in DAFZA 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.

“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 freezone,” noted Al Hammadi.

In July, Emirates Development Bank (EDB) had signed an MoU with Mashreq Bank to provide credit guarantee programmes for SMEs in the country. EBD will provide credit guarantees and co-lending programmes to Mashreq Bank’s SME customers, to support with expenses towards activities including the purchase of equipment and fixtures, construction of work premises, business expansion, purchase of inventory, supplies and raw materials as well as general financing needs for payments such as salaries or rent.

Read: Emirates Development Bank inks MoU with Mashreq for SME credit guarantee programmes

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top