Mashreq Bank, Shams partner to support Sharjah SMEs

Recently, in response to COVID-19, Mashreq Bank announced a package of relief measures for all its SME customers

Shams, Mashreq bank partner to support Sharjah SMEs
Dubai Media Office
Shams, Mashreq bank partner to support Sharjah SMEs

Sharjah Media City (Shams) and Mashreq Bank have announced a strategic collaboration to boost entrepreneurship and support business owners in Sharjah, in light of the ongoing COVID-19 outbreak in the region.

Recently, in response to the current pandemic, Mashreq Bank announced a package of relief measures for all its SME customers, which includes low balance basic accounts with no fall below fee until June. The packages will also be available to Shams customers. 

The companies said in a joint statement that as part of the partnership, "Mashreq Bank will help address one of the significant challenges for SMEs and new entrepreneurs – opening a business account. Mashreq will provide Shams SMEs support to open a NEOBiz digital bank account to kickstart 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."

Speaking about the partnership, director of Shams, Shibab Al Hammadi, said: "The 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," adding that the support has been structured bearing in mind that social distancing is the new norm. 

Commenting on the collaboration, head of business banking and NeoBiz, Mashreq Bank, Rohit Garg, said: "Through this partnership with Shams, we are offering 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."

Recently, in a similar move, the Sharjah Research, Technology and Innovation Park (SRTI Park) and Sharjah-based waste management company Bee'ah signed a strategic partnership to attract, support and finance the next generation of local and international startups in the fields of technology and sustainability, Construction Week had reported.

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