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Mashreq Bank has been entering arrangements with local free zones to help licensed entities open instant accounts. Image Credit: Pankaj Sharma/Gulf News

Dubai: Mashreq has signed an agreement with Dubai Airport Freezone Authority (DAFZA), giving licensed companies priority access to the financial institution’s services. The deal will ensure free zone businesses have access to a initiatives such as API (application programming interface) integration, as well as banking services through Mashreq’s digital business banking platform, NEOBiz.

Using the platform, companies will be able to open instant accounts with the help of a dedicated Mashreq relationship manager. The agreement also provides DAFZA SMEs (small and medium enterprises) 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 (Amazon Web Services)

Mashreq Bank and DAFZA will offer a new addition to the support system and experience of our customers to facilitate business

- Abdulaziz Al Hammadi, Director of Marketing and Corporate Communications at DAFZA and board member of Scality

Additionally, Mashreq will share insight with business owners through webinars and facilitating round table sessions with the aim of fostering entrepreneurship and education for the SME community. “It is incumbent upon financial institutions to provide SMEs with digital solutions that support and accelerate their growth, especially now,” said Vikas Thapar, Head of Business Banking and NEOBiz, Mashreq Bank.

Mashreq NeoBiz has also partnered other free zones, startup ecosystems and incubators to serve newly set up companies, including a blockchain-based partnership with Dubai International Financial Centre (DIFC).