Mashreq Bank and Shams announced partnership to support SMEs in Sharjah

Sharjah Media City (Shams) and Mashreq Bank have announced a strategic partnership to boost entrepreneurship and support business owners in Sharjah.

The two entities signed a Memorandum of Understanding (MoU) that will solidify this collaboration and enable Shams to leverage Mashreq’s banking expertise. As part of the MoU, Mashreq Bank will help address one of the significant challenges for SMEs and new entrepreneurs – opening a business account. Mashreq will provide Shams SMEs full support to open a NEOBiz digital bank account to kick-start their business, while also providing advice to help them grow their business and become sustainable.  

Shihab Al Hammadi, Director of Shams said, “Given these unprecedented times, I believe it is our collective responsibility to ensure that our entrepreneurs are able to grow their businesses, and this MoU with Mashreq Bank enables that. We are able to offer them a solution that can expedite their bank account opening process, especially in the light of the situation when social distancing is the new norm. The new partnership is also in line with our development plans aimed at enhancing Shams’ comprehensive technological infrastructure that in turn would help support SMEs and entrepreneurs. I am confident that this MoU will benefit our business partners and remove the hurdles that they might be facing. More pertinently, they can complete the process digitally.”

Rohit Garg – Head of Business Banking and NeoBiz, Mashreq Bank, said, “Mashreq has always championed the SME sector, which continues to remain the backbone of the UAE economy. With this partnership with Shams, we are delighted to offer them a convenient way to support their customers through the country’s first digital banking platform catered specifically for start-ups, SMEs and entrepreneurs. During these uncertain times, we are committed to doing our part to nurture and boost the SME ecosystem, offering them a superior banking experience complemented with tailored solutions to support their business requirements.”

In addition, Mashreq will provide Shams customers with a unique point of contact in order to ease communication and to ensure a seamless customer journey. Both organizations have an overarching goal to foster and support the SME ecosystem. Additional support will also be provided by Zoho Books, a VAT-compliant accounting software, to help the businesses better manage their digital financial records. They will also benefit from preferred pricing for essential services such mobile Point of sale and payment gateways in order to grow their businesses.

Furthermore, as a result of the COVID-19 outbreak, Mashreq recently announced a package of relief measures for all its SME customers, which includes low balance basic accounts with no fall below fee until June. These packages will also be available for Shams customers. All Shams businesses will benefit from this new collaboration with Mashreq, providing the impetus that’s required in these times.

As one of the UAE’s leading digital banks, Mashreq was the first institution in the UAE to launch a digital business banking platform for SMEs with NEOBiz. Since its launch, the bank has focused on offering a superior customer experience continues to launch initiatives that support the growth and sustainability of this sector.