Mashreq‘s partnership with Sharjah Investors Services Centre (Saeed) to support regional small and medium enterprises (SMEs) with access to banking services.
As part of the partnership between the two entities, businesses registered with Saeed, operating under the Sharjah FDI Office (Invest in Sharjah), will have access to a wide variety of initiatives such as banking services through Mashreq’s digital business banking platform, NEOBiz.
Mashreq’s NEOBiz solution will be the exclusive platform supporting SMEs and entrepreneurs with priority access to banking services along with account opening services and a dedicated Mashreq relationship manager.
Saeed customers are also set to benefit from a range of other value-added services such as discounted access to accounting packages, cloud infrastructure, digital tools and a suite of mobile point-of-sale (PoS) solutions, payment gateways and software systems to support the SME ecosystem and value chains across the development.
Marwan Alichla, managing director of Sharjah Investors Services Centre, said: “The new MoU with Mashreq aligns with our goals to continuously expand our portfolio of fully integrated and streamlined services to high-growth investors, SMEs and entrepreneurs in Sharjah, and to help them set up their businesses with maximum efficiency and propel their growth and expansion.”
He added: “Our collaboration with Mashreq is one Saeed’s major strategic partnerships with the private sector and will enable investors to have access to safe and secure digital channels for all aspects of their business banking needs.
“It will enable us to expand our services to 60,000 SMEs who are currently operating in Sharjah, contributing to our growing GDP which is currently valued at AED 133billion.
“The range of financial services offered for startups and entrepreneurs will power the next generation of companies and further elevate the status of the emirate’s business-friendly environment.”
Vikas Thapar, head of business banking and NEOBiz, Mashreq Bank, said: “Through this collaboration, we aim to facilitate SMEs and companies in the emirate of Sharjah by providing them with a robust portfolio of banking and financial solutions.
“Customers enjoy seamless onboarding to NEOBiz with strategic partners through our NEOBiz Connect – Open API Banking – and blockchain platforms. The demand for NEOBiz is clear and this is reflected in a 400 per cent growth in customer acquisition for 2021. While the use of both NEOBiz online and mobile channels is three times higher than the conventional business.
“We believe Mashreq can act as a catalyst for business growth and further enhance the emirate’s economic competitiveness by empowering businesses with a unique set of financial services to meet their banking requirements and propel them to the next stage of their growth journey.”
The UAE’s thriving SME sector is a key enabler for sustainable growth, helping to unlock the potential of the economy. According to the Ministry of Economy, SMEs represent more than 94 per cent of the total number of companies operating in the country and provide jobs for over 86 per cent of the private sector’s workforce.