UAE-Based FI Mashreq Launches Non-Banking Services Platform for Small Businesses

SMB Accounting

Mashreq, a financial institution based in the United Arab Emirates, has debuted a non-banking business services platform, Mashreq Business Banking Value Added Services, for small businesses, a press release said Monday (Aug. 1).

The platform will give businesses access and discounts to a number of FinTechs, startups and other service providers. The services include human resources, office space, and cloud storage.

Mashreq’s platform debuted with 10 companies so far, but there will be another 10 in the next few weeks.

The release noted that Mashreq’s concept is build a one-click platform within Business Banking, which will integrate service providers and transactions.

The release noted that Mashreq Business Banking Value Added Services will add such features as its partnership with EmiratesHR, a cloud-based HR and payroll software solution. The company is also working with Letswork, which boasts over 100 co-working spaces, hotels and work-friendly cafes in the UAE, for freelancers and growing companies.

“We understand that entrepreneurship is at the heart of a sustainable, purposeful economy, which is why Mashreq has always been at the top of the race when it comes to fostering entrepreneurship in our region,” said Thomas Baxendale, head of business banking ecosystems, Mashreq. “We are therefore delighted to be the first bank to partner with startups and FinTechs in a way that provides our business banking customers with access to their services.”

Last year, Mashreq begun letting residents open bank accounts with facial recognition technology, according to a report from PYMNTS.

See also: UAE Digital-First Bank Mashreq NEO Debuts Facial Recognition

This was done with the partnership of the Ministry of the Interior of the UAE and planned to use the ministry’s facial recognition verification system, which uses technology to authenticate who the holder of an official document is.

It went into use officially in November and let customers scan their Emirates ID and face to get banking services.

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