Mashreq has launched NEO BIZ in Pakistan, a digital banking platform for SMEs, sole proprietors and the self-employed.
The Dubai-based bank said the platform draws on its experience with digital business banking in its other international markets.
NEO BIZ brings business banking, payments and collections onto one platform.
With it, eligible firms can open and manage accounts online, reducing the need for branch visits.
Over the coming phases, Mashreq plans to add debit and virtual cards, payroll, invoice payments, analytics and bookkeeping.
In addition, the bank intends to expand the platform through partnerships and Banking-as-a-Service (BaaS).
Planned features include supply chain tools, tax support and financing based on cashflow.
Mashreq will offer NEO BIZ through digital channels, partners and a mix of physical and digital touch points.
The bank said it aims to help more SMEs use digital banking and accept digital payments.
“This launch is a natural extension of our commitment to Pakistan and aligns with our broader vision of enabling financial inclusion and supporting the country’s economic transformation through digital innovation,”
said Muhammad Hamayun Sajjad, CEO at Mashreq Bank Pakistan.
“NEO BIZ has been designed with a clear understanding of the challenges SMEs face today, from fragmented financial tools and limited product visibility to barriers in accessing financing,”
said Syed Jaffar Abbas Shirazi, Head of NEO BIZ at Mashreq Bank Pakistan.
Featured image: Edited by Fintech News UAE, based on image by Mashreq via its Press Release.
