IFZA Dubai, an UAE international Free Zone, announces the signing of a memorandum of understanding (MoU) partnership with Mashreq, one of the leading financial institutions in the MENA region, to provide IFZA Free Zone Licensees and Professional Partners quick and priority access to banking services and financial solutions.
Under the terms of the agreement, Mashreq will provide NEOBiz Connect API integration with IFZA. This integration allows IFZA to offer a full SME NEOBiz account application service from its own platform, reducing turnaround time by up to 80 per cent. In other words, an IFZA Licensee will soon be able to apply for a bank account with a single click, making the process simpler and faster.
According to a study by the Dubai Chamber of Commerce, 65% of entrepreneurs cite setting up a bank account and overcoming complex procedures and documentation as their biggest challenges in company setup in the UAE. This partnership aims to provide peace of mind about business by pre-populating a NEOBiz application and duplicating information already provided by the Licensee during the company formation process, thus streamlining the overall client experience.
Jochen Knecht, Chief Executive Office of IFZA, said
“Peace of mind about business is an important commitment at IFZA. We are constantly evolving the IFZA ecosystem to ensure that our Licensees are able to set up their business with more ease and security. We are pleased to be working with Mashreq to provide our Partners and Licensees additional banking solutions designed to lower the barriers of doing business in the UAE even further.”
Rajeev Chalisgaonkar, Head of Business Banking & NeoBiz at Mashreq, commented,
“Mashreq’s partnership with IFZA underscores our commitment to bolstering regional SMEs and harnessing cutting-edge technology to refine the customer experience. Since inaugurating our API developer portal in 2021, we have facilitated a multitude of digital journeys and tailored interactions for our clientele. This pioneering collaboration with IFZA is in line with our aspiration to streamline business operations in the UAE and cultivate the SME landscape.
“Through NEOBiz Connect, we equip any free zone or trade license authority with the ability to submit a comprehensive NEOBiz account application via their own platform, introducing a one-click SME account opening process for the first time in the region.”
Mashreq is committed to supporting SMEs with their banking needs. In addition to streamlining the account opening process, the Bank provides a full suite of value-added services that enable fledgling enterprises to grow their businesses faster.
Featured image credit: Jochen Knecht, Chief Executive Office of IFZA and Rajeev Chalisgaonkar, Head of Business Banking & NeoBiz at Mashreq