News

Mashreq Bank rolls out digital bank, Mashreq Neo

Thursday 5 October 2017 09:53 CET | News

Mashreq Bank has announced the launch of Mashreq Neo, a new full-service digital bank.

The new digital bank, which will be completely branchless, is targeted towards the connected generation who are digitally savvy and use mobile devices extensively. Mashreq Neo provides access to international markets for investment opportunities including foreign equities, gold trading and foreign currency accounts. More than that, thebank claims that Neo is not just an account, or credit card, or digital wallet — it a full-service bank with a suite of retail banking products.

All banking services including customer on-boarding, sales, services, transactions and fulfilment are done via online and mobile platforms. Customers will be supported via multiple channels including a dedicated call centre, Neo mobile banking app, Neo Online, and the Neo Chatbot which is integrated with Facebook Messenger.

The new entity will offer a suite including credit cards, debit cards, current accounts, personal loans, remittances, foreign currencies, global stock trading, gold trading, and foreign currency investment capabilities. In addition, they will get competitive rates on deposits and FX remittance, free ATM withdrawals and additional benefits.

According to the company, customers will be able to open an account in less than 5 minutes with Mashreq Neo, by downloading the App (from Apple App Store and Google Play Store) and scanning their Emirates ID.
Mashreq Neo will offer Samsung Pay wallet, Mashreq Pay wallet, International bill payment to over 100 countries, Cardless cash from ATMs, Mobile-to-Mobile transfers and remittances locally and globally.

The new digital bank will leverage big data analytics to offer insights to its customers on financial management. In addition it also offers customers access to a global shopping portal where they will have access to a wide range of merchants from different countries.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Mashreq Bank, digital bank, Mashreq Neo, mobile banking, online banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech


Related

Russian banks, Mastercard select 12 fintech startups for Fintech Lab programme

Published 30 May 2017 13:42 CET | World
Five Russia-based banks and Mastercard have chosen 12 fintech startups for Fintech Lab’s acceleration programme....

Pakistan to roll out e-payment gateway

Published 29 May 2017 14:30 CET | World
Finance Minister Ishaq Dar has announced that Pakistan will open international electronic payment gateways developed by the State Bank of Pakistan (SBP)....

Ivalua raises USD 70 mln from KKR

Published 27 Apr 2017 00:40 CET | World
Ivalua has announced it had raised USD 70 million in a minority investment round from private equity company KKR....