Mashreq Biz Launched to Streamline UAE SME Processes and Improve Financial Management

Small and medium businesses (SMEs) make up a large chunk of the UAE economy, contributing to 40 per cent of the national GDP and constituting over 94 per cent of active enterprises in the UAE. With so many organisations working from the ground up, integrating new digital technologies can be challenging. This is why Mashreq, the digital banking provider, is stepping in with its new product: Mashreq Biz.

Mashreq Biz is an online and mobile business banking platform designed to simplify and enhance the banking experience for businesses. It empowers SMEs and business owners to manage their finances, payments, and transactions from the comfort of their office or home, transforming day-to-day business operations into a streamlined, efficient process.

The trajectory of the SME sector’s growth is only going to rise. It employs 42 per cent of the workforce and as of mid-2022, the UAE had approximately 557,000 SMEs, contributing 63.5 per cent to the non-oil GDP, with projections indicating this number will reach one million by 2030.

Aligned with the growth of the SME sector in UAE, Mashreq is advancing the digital transformation of over 70,000 existing NEOBIZ and Business Banking customers by introducing the ‘Mashreq Biz’ platform.

Launched in 2019, NEOBIZ was the first digital banking proposition in the UAE specifically designed for SMEs. The Mashreq Biz platform builds on this foundation, offering even more advanced features that cater to the needs of SMEs.

It offers a wide range of services that enable businesses to access banking solutions anytime, anywhere. Key features of the platform include:

• an integrated dashboard for a complete relationship overview
• instant foreign currency account openings
• bulk payments
• deposit bookings at preferential rates
• workflow approvals
• multi-user management
• value-added services, accessible on both web and mobile

Empowering UAE SMEs

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.

“At Mashreq, our goal is to set new standards in business banking by delivering comprehensive solutions that manage finances both efficiently and securely.”

Rajeev Chalisgaonkar, group head of business banking, 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. Mashreq
Biz is meticulously crafted to align with the diverse needs of our customers across various sectors, ensuring that it serves as a robust partner in their growth journey.

“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.”

Setting a standard

Corey Thompson, executive vice president and head of digital for Mashreq’s Retail Banking Group, concluded: “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. Mashreq Biz offers tailored, scalable and secure solutions that are finely tuned to the changing demands of the digital era, ensuring that our customers can thrive in a competitive business landscape.”