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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.

By Entrepreneur Middle East Staff Edited by Tamara Pupic

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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

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