SRTI Park And Mashreq Bank Enter Into Strategic Collaboration To Support UAE SMEs And Start-Ups

To boost enterprise activities as well as enhance an innovative ecosystem, Sharjah Research Technology and Innovation Park (SRTI Park) and Mashreq Bank, one of the leading financial institutions in the UAE, have signed a Memorandum of Understanding (MoU) to support companies located within the techno-hub zone.

SRTI Park CEO, Hussain Al Mahmoudi, and Mashreq Bank’s Group CEO, Ahmed Abdelaal signed the MoU.

Mentorship

As part of the partnership, Mashreq Bank will host a series of challenges and hackathons in partnership with SRTI Park – and the bank will provide mentors to offer start-up founders and SMEs with any key advice they require. In addition, the bank will explore potential areas of collaboration with the various start-ups that are part of SRTI Park’s tech-hub.

Priority Banking Services

Furthermore, SRTI Park and Mashreq Bank will collaborate in a range of areas to meet the banking and financing needs of Small and Medium Enterprises (SMEs). This will include providing priority account openings to SRTI’s eco-system through the bank’s exclusive digital banking platform for start-ups, NEOBiz, as well as through its conventional business banking unit.

Mashreq Bank will also explore developing expedited account opening solutions for startups through deeper integration with SRTI Park. On its part, SRTI Park will promote relevant banking products within its community.

Hussain Al Mahmoudi, CEO of SRTI Park, said: “SRTI Park aims to develop and manage an innovation ecosystem within a free zone that promotes research and development and supports enterprise activities and continues extensively in its efforts to attract and host knowledge-intensive businesses in the UAE.”

“Our partnership with Mashreq Bank will definitely boost the various programs, activities, services and initiatives of existing companies at the Park and encourage new business and global startup entrepreneurship programmes, hackathons, sandbox acceleration programs, and venture markets,” he added.

Moving UAE forward to next 50 years

Ahmed Abdelaal, Group CEO of Mashreq Bank concluded: “SMEs and entrepreneurs remain a major growth engine of the UAE economy, and this collaboration comes at a very opportune time, when the UAE is charting its path for the next 50 years. As the world continues to move towards greater digitization and partnership with Fintechs, at Mashreq, we believe it is incredibly important to provide start-ups with a suite of seamless digital banking services that will help empower their business. We strongly believe that our partnership with SRTI Park will help to boost knowledge and innovation centres, that will in turn support creativity and excellence in various vital sectors. Additionally, supporting the companies at the Park will enhance the competitiveness of the UAE both regionally and globally.”