Mashreq, a financial institution based in the UAE, has launched Mashreq Biz, a new online and mobile business banking platform aimed at simplifying financial management for businesses.
The platform provides SMEs with tools to manage finances, payments, and transactions remotely.
SMEs account for over 94% of active enterprises in the UAE, employing 42% of the workforce and contributing 40% to the national GDP.
As of mid-2022, the country had approximately 557,000 SMEs, making up 63.5% of the non-oil GDP.
This number is expected to rise to one million by 2030.
Mashreq is transitioning more than 70,000 existing NEOBIZ and Business Banking customers to the Mashreq Biz platform.
NEOBIZ, launched in 2019, was the UAE’s first digital banking service designed specifically for SMEs.
The new platform builds on this foundation with expanded features.
Rajeev Chalisgaonkar, Group Head of Business Banking at Mashreq, said:
“Mashreq Biz is meticulously crafted to align with the diverse needs of our customers across various sectors, ensuring that it serves as a robust partner in their growth journey.”
“Several of our SME customers participated in the designing and testing of Mashreq Biz, and we sincerely thank them for their insights and their feedback which helped us deliver a platform that addresses the real-world needs of modern SMEs and improves their competitiveness.”
Mashreq Biz offers various services, including an integrated dashboard for financial management, instant foreign currency account openings, bulk payments, and deposit bookings at preferential rates.
Other features include workflow approvals, multi-user management, and value-added services, accessible via web and mobile.
Recently, Mashreq partnered with NEO PAY, a digital payments provider in the UAE, to introduce a Point-of-Sale (PoS) lending solution for SME merchants in the UAE.
Featured image credit: Mashreq
