UAE: Mashreq launches a new digital bank

Mashreq Bank has launched a fully digital bank called Mashreq Neo, positioning itself to capture the 26% of UAE consumers that RFi Group data shows use digital banking channel at least once a week.

The new bank – which will be targeted at ‘digitally savvy’ consumers who extensively use mobile devices – has no physical branches, but offers a full range of banking products, including investment products. The investment product offering includes access to products in international markets, making Mashreq Neo the first digital bank in the Gulf Cooperation Council (GCC) region to offer access to investment products in other international markets.

Mashreq Neo users will complete all tasks digitally, but will still have access to a range of support networks, including a call centre and a Facebook Messenger integrated chatbot.

Consumers can sign up with Mashreq Neo via the Mashreq Neo website or by downloading the mobile app, which is available on iOS and Android smartphone devices.

Subroto Som, Mashreq Bank’s Head of Retail Banking Group, put the launch of the new bank down to consumer demand, noting that consumers of all ages are increasingly demanding flexibility and convenience when choosing a bank, both of which can be delivered through a digital service.

Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance