Mashreq launches non-banking services platform

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

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

Mashreq’s platform has debuted with 10 companies so far, but there will be 10 more in the coming weeks.

The release notes that the concept of Mashreq is to create a one-click platform within Business Banking, which will integrate service providers and transactions.

The statement said Mashreq Business Banking Value Added Services will add features such as its partnership with EmiratesHR, a cloud-based HR and payroll software solution. The company also works with Letswork, which has over 100 friendly coworking spaces, hotels and cafes in the UAE, for freelancers and growing businesses.

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

Last year, Mashreq began allowing residents to open bank accounts with facial recognition technology, according to a report by PYMNTS.

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

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

It was officially rolled out in November and allowed customers to scan their Emirates ID and face to obtain banking services.

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