Mashreq launches NEO BIZ to empower SMEs

Mashreq has introduced NEO BIZ in Pakistan, a digital banking service for small and medium-sized enterprises, sole proprietors and self-employed professionals, Business Recorder reported. Businesses can apply for an account through the mobile app in 10 minutes without going to a branch. The account includes a cheque book, fund transfers, bill payments and a debit card at no charge, and Mashreq says ATM transactions are also free.

The service combines business banking with payments and collections, while planned additions include business and virtual cards, payroll tools, invoice payments, transaction analysis and bookkeeping. Mashreq also outlined future links with supply-chain services, tax facilitation and cash-flow-based financing through partnerships and Banking-as-a-Service capabilities. The company says the platform is intended to address gaps in SME access to banking and financing, and to widen use of digital financial services.