One of the leading financial institutions in the United Arab Emirates (UAE), Mashreq, launched a new digital platform, BIZ, for SMEs to facilitate their financial routines.
Mashreq, the UAE’s oldest private bank with over 50 years of experience, unveiled a new offering for mobile and online banking, catering to the needs of small and medium-sized enterprises (SMEs), startups, and entrepreneurs in the UAE.
This advanced banking platform is built to provide a smooth and hassle-free business banking experience. It boasts a user-friendly design with an intuitive interface for easy navigation, enhanced tools to manage all banking requirements, and robust security measures, including biometric authentication, to protect customer data.
With Mashreq Biz, SMEs in the UAE can initiate transactions from their online business banking accounts and approve them instantly via the mobile app, transfer funds within the Mashreq ecosystem or internationally with the flexibility of special exchange rates, withdraw cash from any Mashreq ATM without a business debit card using only the dedicated app, and pay credit card bills and instantly settle payments for Etisalat, Du, utility providers (DEWA, SEWA, ADDC), Salik, and Naqodi Wallet directly from their business accounts. The app significantly reduces the bureaucracy often present in business banking, enabling SMEs to apply for a checkbook, view account statements, and activate or block their debit cards digitally.
Founded in 1967, Mashreq Bank offers a wide range of banking services, including retail, commercial, corporate, and investment banking. Despite its solid history, the bank doesn’t stick with legacy methods. On the contrary, the institution is known for its innovative financial solutions, digital banking services, and extensive range of products such as savings and checking accounts, instant loans, credit cards, and wealth management services.
Besides serving individual and business clients in the UAE, the bank has also expanded its footprint internationally, serving clients in various countries, like Egypt, Qatar, Kuwait, Bahrain, India, the UK, and the US.
Mashreq’s earlier business offerings include NEOBIZ, the UAE’s first digital banking service designed specifically for SMEs, and Business Banking. With the introduction of a new service, more than 70,000 bank’s existing business clients will be transferred to the improved BIZ platform.
Creating fintech solutions for small businesses is crucial in the UAE, where SMEs make up more than 94% of all enterprises, providing jobs for 42% of the workforce and contributing 40% to the country’s GDP. By mid-2022, there were around 557,000 SMEs in the country, accounting for 63.5% of the UAE’s non-oil GDP. This figure is projected to grow to one million by 2030.
