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Mashreq Launches NEOBiz To Develop the API Ecosystem

Mashreq, a financial institution in the UAE, has become the region’s first bank to launch an active Application Programming Interface (API) developer portal to encourage the development of new and innovative digital journeys and experiences for consumers.

The platform, which is already active, allows developers from businesses and fintechs to browse APIs, test them in a secure environment and consume Mashreq’s APIs for use in their own applications.

Mashreq’s first flagship API product is NEOBiz Connect, which gives licensing authorities the capability to allow a customer to send a full NEOBiz application directly from their own digital platform, in one click. NEOBiz is Mashreq’s exclusive digital bank for SMEs, which has revolutionised SME account openings and helped to support the growing SME ecosystem in the UAE.

Fernando Morillo, Senior Executive Vice President and Group Head of Retail Banking, at Mashreq Bank, said, “APIs are at the heart of today’s digital revolution and have transformed the traditional customer experience across the world. They provide vital functionality for companies as they seek to develop new and innovative digital journeys for customers, as well as more personalised experiences. Signing up to the Mashreq API Developer Portal will allow users to browse our available API products, and encourage development, engagement, and API innovation. These provide a crucial environment for the advancement of the digital economy and in transforming the digital banking landscape in the UAE.”

The creation and launch of this active API developer portal – already populated with API products – represents a new chapter in fintech innovation. Not only will more APIs become regularly available, but companies and customers will have the ability to bring their own API ideas to the portal, creating an ever-richer ecosystem of API innovation and adoption.

Vikas Thapar, Head of Business Banking and NEOBiz, said, “The launch of the Mashreq API Developer Portal is a reflection of Mashreq’s dedication to fostering and promoting continuous innovation within the banking eco-system. Mashreq will be the first bank in the region to have an active API platform that will enhance the user experience in innovative ways. Now, with NeoBiz Connect opening a business banking account with Mashreq will be very fast and seamless.”

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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