Mashreq Bank has signed an MoU with Dubai Airport Freezone Authority (DAFZA) to grow services available to small and mid-size enterprises (SMEs) setting up in the freezone. The MoU outlines plans to ensure DAFZA businesses have access to a variety of initiatives including API integration, as well as banking services through Mashreq’s exclusive digital business banking platform, NEOBiz. Under the MoU, DAFZA companies will also be given priority access to banking services through the platform, where they will be able to open instant accounts. NEOBiz empowers DAFZA SMEs and entrepreneurs with branch-less banking, intelligent teller machines, ATM and cash deposit machines, and online and mobile application banking.
Mashreq’s NEOBiz solution, which has already partnered with other freezones, startup ecosystems and incubators, including a blockchain-based partnership with the Dubai International Financial Centre, will be the preferred platform to support businesses under DAFZA’s Scality Tech Startup Programme. The MoU also provides SMEs operating 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 freezone.