- The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security.
- The UAE government introduced strong technology for the development of their country’s economy.
- The global banking industry is facing swift transitions with emerging digital technologies.
The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security.
Many banks of UAE
have come up with the blockchain strategy like the National Bank of Dubai (NBD) has successfully implemented blockchain technology to prevent fraud in a check-issuance system.
The global banking industry is facing swift transitions with emerging digital technologies. Consumers are widely relying on digital banking due to their comfort and added convenience.
Regulatory enterprises such as the Emirates Blockchain Strategy 2021 and the Emirates Digital Wallet are already considering digital banking as one of the key priorities in this transitory world.
Due to digitalization, banks and mobile wallets are escalating their businesses. Identifying this financial growth, the UAE government introduced strong technology for the development of their country’s economy.
Why is Mashreq Bank adopting blockchain technology?
Founded in 1967, Mashreq Bank is the oldest private bank in UAE which has evolved with many discrete features in the banking industry.
As stated by the Executive Vice President and Head of Retail Banking Group, there is a wide opportunity for the banking sector to offer durable and low-cost technology to the customers and to embrace the financial services by using digital technology.
Mashreq Bank verge on customer relationships and satisfying them with the best possible service when they need it. For data security and safe transactions, they are investing in data analytics and artificial intelligence.
Apart from this, Mashreq is working with a huge count of fintech firms in the retail corner as if wealth management, credit underwriting and many more.
Various digital services have been introduced by Mashreq Bank, which proved a suitable platform for the customers banking with them—keeping the customer as a priority Mashreq is dedicated to serving easy access to the financial services in the UAE.