How Mashreq Biz Is Revolutionizing Digital Banking For SMEs In The UAE

Mashreq has taken a significant leap forward in supporting the UAE's economic landscape by introducing Mashreq Biz, an innovative online and mobile business banking platform for SMEs.

This platform is meticulously designed to meet the evolving needs of SMEs, offering a range of services that streamline and simplify financial management. From conducting transactions to managing payments, business owners can now navigate their financial operations with ease, directly from their office or home on this user-friendly interface.

Fernando Morillo, Group Head of Retail Banking at Mashreq, said, "Mashreq Biz is a key part of our strategy to empower SMEs and drive the digital banking revolution in the UAE. With this initiative, we are not only expanding our reach across new channels but also enhancing our offerings. We provide advanced products and services that equip SMEs for effective long-term financial management."

The UAE's economy heavily depends on the SME sector, with over 94% of active enterprises falling into this category. These businesses play a crucial role in employment and GDP contribution, highlighting the need for advanced banking solutions like Mashreq Biz.

As of mid-2022, the UAE boasted around 557,000 SMEs, a number expected to surge to 1 million by 2030. In response, Mashreq has directed its efforts towards the digital transformation of over 70,000 existing NEOBIZ and Business Banking customers by integrating them into the newly launched platform.

Building on the success of NEOBIZ, the first digital banking solution for SMEs in the UAE introduced in 2019, Mashreq Biz offers even more sophisticated features tailored to the unique challenges and opportunities faced by SMEs. This strategic move reinforces Mashreq's position as a digital pioneer and a key player in the regional banking sector. The enhanced platform demonstrates the bank's dedication to supporting SME growth and contributing to the UAE's economic diversification efforts.

Rajeev Chalisgaonkar, Group Head of Business Banking at Mashreq, added, "The launch of Mashreq Biz signifies a major leap in our commitment to support SMEs. By providing a platform that not only simplifies operations but also boosts productivity, we are setting a new benchmark in business banking. 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 stands out with its comprehensive range of services, including an integrated dashboard for a holistic relationship overview, instant openings of foreign currency accounts, and the ability to make bulk payments and deposit bookings at favorable rates.

Additionally, the platform offers workflow approvals, multi-user management, and various value-added services, ensuring businesses can operate efficiently and effectively in a competitive market.

Corey Thompson, Executive Vice President and Head of Digital for Mashreq's Retail Banking Group, also noted, "At Mashreq, we are setting a new standard for what digital banking can offer to businesses in the region with the introduction of Mashreq Biz. This platform is a fundamental shift in how businesses can handle their banking needs from the convenience of their office or home. By providing state-of-the-art mobile and online banking, we are simplifying complex financial tasks, making it easier for SMEs to focus on what they do best."