IFZA and Mashreq Announce Partnership

IFZA and Mashreq Announce Partnership

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

Jochen Knecht, Chief Executive Office of IFZA, said

“Peace of mind about business is an important commitment at IFZA.