Small and medium businesses (SMEs) make up a large chunk of the UAE economy, contributing to 40 per cent of the national GDP and constituting over 94 per cent of active enterprises in the UAE. With so many organisations working from the ground up, integrating new digital technologies can be challenging. This is why Mashreq, the digital banking provider, is stepping in with its new product: Mashreq Biz.
Mashreq Biz is an online and mobile business banking platform designed to simplify and enhance the banking experience for businesses.
It empowers SMEs and business owners to manage their finances, payments, and transactions from the comfort of their office or home, transforming day-to-day business operations into a streamlined, efficient process.
The trajectory of the SME sector’s growth is only going to rise. It employs 42 per cent of the workforce and as of mid-2022, the UAE had approximately 557,000 SMEs, contributing 63.5 per cent to the non-oil GDP, with projections indicating this number will reach one million by 2030.
Aligned with the growth of the SME sector in UAE, Mashreq is advancing the digital transformation of over 70,000 existing NEOBIZ and Business Banking customers by introducing the ‘Mashreq Biz’ platform.
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