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

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

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