Our Banking Partners
Awarded the ‘Best Mobile Banking App in the Middle East 2020’ by World Finance, Mashreq Neo provides a secure, safe, and intuitive banking solution for smartphone users. Offering a range of accounts including current, savings, salary and investments, Neo is also committed to enhancing customer security. In collaboration with the UAE’s Ministry of Interior, Neo was the first digital bank to offer account opening using biometric facial recognition.
Launched in 2017, Liv is the fastest growing digital bank in the UAE. Primarily targeting millennials and Gen Z, Liv defines itself as a ‘lifestyle banking app’ for the digital generation. From simplified tracking on spending habits to fantastic benefits programmes, the Emirates NBD sponsored banking app offers an easy and rewarding way for the UAE’s young generation to take control of their finances.
Officially launched in September 2022, Wio is the UAE’s first digital banking app fully regulated by the Central Bank of the UAE and promises to give customers a ‘fully digital banking experience’. Wio Business, a dedicated app for startups, freelancers and SMEs offers a range of business banking solutions, including expenses management, automated invoicing and saving spaces for VAT, rent and bills.
Established in 2015, Interpolitan Money helps businesses manage international account challenges to achieve their financial ambitions with ease by providing local multi-currency accounts for corporate businesses.
International payments platform 3S Money was originally launched with one aim in mind: to help SMEs make cross-border transactions faster and easier. 3S Money provides tailored international business accounts with a human touch. Streamlining international payments will enable UAE businesses to scale faster and further.
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Benefits of Digital Banking
The move to digital banking is a welcome shift for the UAE’s consumers. With a 97% smartphone penetration, the highest in the world, the country’s young, tech-savvy population has a growing appetite for all things digital. Since the COVID-19 pandemic, consumers have become accustomed to organising their lives through smartphones, from entertainment and e-commerce to booking transport and grocery shopping. It’s no surprise, then, that demand for full-service digital banking solutions is also on the rise.
In a 2021 YouGov-backed survey, 89% of UAE consumers said they would opt for digital banking services, post-COVID, rather than visit a physical bank. While movement restrictions may have opened the door to digital banking, today’s consumers want more than simple day-to-day transactions and services. There’s a growing demand for more comprehensive and sophisticated banking solutions such as remote account openings, multi-currency accounts, cryptocurrency investment, and access to products like insurance and loans.
For SMEs, which make up over 90% of the UAE’s total registered companies, digital banking can be a vital lifeline in the startup process. Companies are looking for convenient and user-friendly features tailored to their business size and requirements, with a more-support-less-admin approach from their bank of choice. Digital banking can offer SMEs fast, efficient banking, as well as support and guidance on all aspects of running a business, not just financial matters.
Already a major global hub for FinTech startups, the UAE also provides the ideal infrastructure and environment for FinTech innovators looking to tap into the growth potential of digital banking technologies. Government initiatives such as the different visa programmes and the DIFC’s FinTech Fund are helping to drive the growth of FinTech by attracting investors and talent to the region.
As part of the National Innovation Strategy, other initiatives, such as the Artificial Intelligence Strategy 2031 and the Emirates Blockchain Strategy 2021, have further springboarded investments in emerging technologies, especially in the banking and finance sectors.
It’s predicted that by the end of 2022, over $2 billion in VC funding will be raised for more than 800 FinTech companies specialising in different banking tech segments such as payments, open banking, smart lending, blockchain and cybersecurity.