Mashreq brings market-first BaaS (Banking as a Service) solution that enables Virtuzone’s SME customers to open a business account at the click of a button.
Following a successful pilot phase, Mashreq has successfully launched its NEOBiz Connect API (Application Programming Interface) integration with strategic partner, Virtuzone. NEOBiz Connect allows any free zone or trade license authority to submit a full NEOBiz account application from its own platform, enabling a one-click SME account opening, subject to approval, for the first time in the region.
Fernando Morillo, Group Head – Retail Banking, Mashreq, said, “APIs play a key role in transforming the global digital banking landscape. In 2021, Mashreq became the first bank in the region to launch an API developer portal. Since then, our APIs have powered a wide variety of innovative digital journeys and personalized experiences for our customers. This latest market first aligns with Mashreq’s goal of supporting the growing SME ecosystem and enhancing ease of doing business in the UAE.”
In this case, any customer of Virtuzone can open a bank account through API integration, making the process simpler, smoother, and faster.
Rajeev Chalisgaonkar, Head of Business Banking and NEOBiz, Mashreq, said, “Banking has always been among the toughest obstacles to surpass on a start-up journey, and that’s why we have come together with our strategic partner Virtuzone to address the complexity of opening a business account in the region. We are confident that our API integration will provide a seamless banking experience for budding entrepreneurs and allow them to focus on what matters most –the success of their businesses.”
The integration eliminates the pain of applying for a business bank account commonly felt by a vast majority of SMEs. By pre-populating a NEOBiz application, reducing time uploading documents, ensuring customers are not filling in forms and duplicating information already provided, the collaboration is providing a market-leading customer experience.
George Hojeige, CEO, Virtuzone, said, “At Virtuzone, we are proactively working to create an enabling environment for startups and SMEs in the UAE, and facilitating access to banking products and services is an integral part of our business setup offering. Thanks to our collaboration with Mashreq, our customers can now open a NEOBiz account at the push of a button – this is the way business banking should be done.”
Mashreq is committed to supporting SMEs with their banking needs. In addition to streamlining the account opening process, the Bank provides a full suite of value-added services that enable fledgling enterprises to grow their businesses faster.
