Mashreq, a leading financial institution in the UAE, has signed a strategic Memorandum of Understanding (MoU) with the Dubai Airport Freezone Authority (DAFZA) to support small and medium-sized enterprises (SMEs) for setting up businesses in the zone by expanding the ecosystem of services.
The agreement will ensure that the businesses in the DAFZA have access to a wide range of initiatives including API integration, as well as banking services through NEOBiz, a digital business banking platform of Mashreq.
Under the MoU, DAFZA companies will be given priority access to banking services through the platform, where they can open instant accounts with the help of a dedicated Mashreq relationship manager to facilitate their access to banking services. The NEOBiz solution will be the preferred platform to support businesses under DAFZA’s innovative Scality Tech Startup Program.
Further, the agreement offers the SMEs in DAFZA with discounted access to accounting packages, cloud infrastructure, digital tools and a suite of mobile point-of-sale solutions, payment gateways and software systems such as ZohoBooks, Microsoft Office and AWS.
“Through this memorandum, Mashreq Bank and DAFZA will offer a new addition to the support system and experience of our customers to facilitate business and drive the improvement of operational processes for more than 1,800 companies in the free zone. This initiative is part of our commitment to continue supporting various types of companies through facilities, quality services, institutional and technical advice, including for small and medium-sized companies in DAFZA.”
The Scality program, which was launched by DAFZA, has a strategic priority to support local, regional and global emerging technology companies through an exceptional experience that ensures smooth establishment. This memorandum serves as an important strategic complement to the system supporting this category of companies.
Mr. Vikas Thapar, Head of Business Banking and NEOBiz, Mashreq Bank, added, “It is incumbent upon financial institutions to provide SMEs with digital solutions that support and accelerate their growth, especially now. We are pleased to embark upon a long-term strategic partnership with DAFZA to support the SME ecosystem with value-added services and banking products.”
Further, the Mashreq NEOBiz team will share expertise and insight with business owners through webinars hosted by its executives and their strategic partners and facilitating round table sessions to foster entrepreneurship and education for the SME community.