Virtuzone Adopts Mashreq NEOBiz Technology That Will Allow SMEs To Set Up Bank Accounts In One Click The feature has been touted as the first-of-its-kind in the MENA region after showing promising results in its pilot phase.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.


UAE-headquartered company formation and corporate services provider Virtuzone has teamed up with UAE-based digital-only business bank Mashreq NEObiz to introduce a feature that will enable SMEs to open a bank account in one click.

The feature has been touted as the first-of-its-kind in the MENA region after showing promising results in its pilot phase.

Virtuzone launched the feature by integrating Mashreq NEOBiz's Connect Application Programming Interface (API) -which allows any free zone or trade license authority to submit a full NEOBiz account application using its own platform- onto its services.

Each bank account application, however, will be finalized following an approval process.

Using a NEOBiz application, users can expect reduced time in uploading documents and also avoid filling in forms that duplicate already provided information. By adopting this neo banking (or digital banking) technology, Virtuzone thus hopes to offer its clients a simpler and quicker route to open a bank account.

"At Virtuzone, we are proactively working to create an enabling environment for startups and SMEs in the UAE, and facilitating access to banking products and services is an integral part of our business setup offering," said George Hojeige, CEO of Virtuzone. "Thanks to our collaboration with Mashreq, our customers can now open a NEOBiz account at the push of a button– this is the way business banking should be done."

On his part, Rajeev Chalisgaonkar, Head of Business Banking and NEOBiz at Mashreq, said, "Banking has always been among the toughest obstacles to surpass on a startup journey, and that's why we have come together with our strategic partner Virtuzone to address the complexity of opening a business account in the region. We are confident that our API integration will provide a seamless banking experience for budding entrepreneurs and allow them to focus on what matters most– the success of their businesses."

Related: Virtuzone Partners With Wio Bank To Offer The Latter's First Digital Banking Solution To Its Clients

Wavy Line

Related Topics

Business News

After Being Told They Could Work From Home Forever, Employees Made Major Life Changes. Then, a New CEO Ordered Them Back to the Office.

Farmers Group CEO Raul Vargas is facing backlash for the change, but he says being in the office brings more "collaboration" and "innovation."


5 Traits and Characteristics of Successful Entrepreneurs in 2023

Entrepreneurship has become the new trending topic in the business world. In 2023, the entrepreneurial world is expected to flourish more than ever, and it will take a certain set of skills to be a successful entrepreneur. This article highlights what it takes to be a successful entrepreneur in 2023.

Growing a Business

How to Grow Your Business With Social Media

Miriam Fried, owner of MF Strong, shares why a solid online presence, including social media and Yelp, is important for starting a business and achieving continued growth.

Growing a Business

10 Growth Strategies Every Business Owner Should Know

Effective growth strategies are vital for businesses aiming to achieve sustainable growth and long-term success.


20 Simple Ways to Hack Your Happiness, According to Science

From taking walks to listening to music -- do small things to greatly boost your happy quotient.

Thought Leaders

5 Movies Every Entrepreneur Should Watch

It's important to select movies that improve our lives, especially as entrepreneurs. Here are five every business owner should watch.