UAE-based lender Mashreq Bank has launched a digital-only bank, known as Neo, aimed at digital-savvy, younger consumers and those who prefer to bank through their mobile devices.
The new entity offers retail banking products such as credit cards, debit cards, current accounts, personal loans, remittances, foreign currencies, global stock trading, gold trading, and foreign currency investment capabilities.
Competitive rates on deposits and FX remittance, free ATM withdrawals and additional benefits can be availed on Neo.
Furthermore, customers will be supported through a dedicated call centre, mobile banking app, online banking, and the Neo Chatbot integrated with Facebook Messenger.
“Mashreq Neo will offer the most comprehensive set of payment capabilities, such as Samsung Pay wallet, Mashreq Pay wallet, International bill payment to over 100 countries, cardless cash from ATMs, mobile-to-mobile transfers and remittances locally and globally,” the bank stated in a statement.
Mashreq Bank CEO Abdul Aziz Al Ghurair said: “Mashreq Neo is just the start, Mashreq Bank will continue to keep transforming to maintain its pioneer position in the market in terms of digital banking and innovation.
“As customers adopt and embrace new technologies, Mashreq will lead with new digital capabilities that enable banking in a convenient and secure manner.
“Our goal is to ultimately provide seamless, convenient, secured and cost effective banking services, compared to traditional branch banking.”