Mashreq: UAE’s Oldest Private Bank Embracing Digital Innovation

Mashreq Bank, originally called the Bank of Oman back in 1967, was one of the oldest and most innovative banking institutions in the Middle East. In fact, it is the oldest private bank in UAE, leaving its inevitable mark on the landscape of the region’s banking. The bank now offers customers both traditional and contemporary banking solutions in its drive for digital transformation with a fervent commitment- empowering them to “Rise Every Day.” From traditional banking services to innovative digital platforms, Mashreq has adapted continuously to meet the changing needs of its global customers.

Mashreq boasts a rich history over five decades during which it pioneered many banking innovations. Mashreq is based in Dubai and has an international presence across 16 offices in 13 countries. Outreach can be seen to be consistent with the presence of substantial networks in Bahrain, Qatar, Kuwait, and India, among others. The global coverage also includes financial hubs such as New York, London, and Hong Kong, thereby enabling the bank to offer world-class services to a very broad group of customers. Mashreq’s larger presence across the globe has made the bank one of the leading global banking players. The bank is very important in corporate and retail banking in countries such as Egypt but also provides specialized service lines including foreign exchange in Bangladesh, Pakistan, and Nepal. Its branches offer full-service activities in key financial centres around the world and serve a broad spectrum of customers, giving everyone access to the entire gamut of financial products.

Mashreq has always led through technological advancement. With its digital channels including the popular Mashreq Neo app, the bank offers full-featured banking right at your fingertips. Be it managing accounts, bill payments, personal loan application, loyalty rewards tracking, or instant cash loans and real-time update and financial management tools, the Mashreq Neo app brings a seamless experience to customers in the UAE. Integrating digital services will help ensure that Mashreq customers experience convenient and efficient banking in every aspect.

The bank is also known for its innovative financial products and wide variety. NeoBiz is a specific digital banking service Mashreq has designed to cater specifically to startups and SMEs so that businesses can deal in their finances with ease. Furthermore, the bank was at the forefront of working out the integration of blockchain technology into the DIFC to further pursue revolutionizing corporate banking in a more transparent and efficient way.

Mashreq offers not just traditional banking but also Islamic banking to customers seeking financial products of their choice that meets their belief system and their needs. They offer Shariah-compliant services encompassing Islamic personal and investment banking, asset management and much more. The variety of products complying with the precepts of Islam ensures that it reaches a vast population in the region. Mashreq banks claim social responsibility. The bank has always been in the forefront of initiatives involved with community development, education, and environmental sustainability.

Mashreq’s Rise Every Day vision is far more than a half-page advertisement slogan-it captures the bank’s attempt to empower individuals and businesses to rise above in a customized financial solution focused towards making these customers’ respective dreams achievable. Mashreq Bank’s transformation journey from a small UAE institution to a global banking leader will continue unabated. It will transform the financial industry and turn digital transformation into a future buttress underpinning its capability to provide customers with the most advanced and convenient banking solutions.