Mashreq and noon.com Collaborate to Launch VIP Savings Account
- New solution designed to offer customers a range of benefits including competitive interest rates on their savings, cash back on all expenses, free VIP lunchtime membership and more
Dubai, United Arab Emirates: Mashreq, one of the leading financial institutions in the United Arab Emirates, and noon.com, the Middle East’s leading digital e-commerce platform, have partnered to launch the “Mashreq noon VIP Savings Account” .
The initiative is the latest in a long-term partnership between the two organizations – and follows the launch of the ‘Mashreq noon VIP Visa Credit Card’ Last year.
As the first co-branded savings account of its kind in the UAE, the Mashreq midi VIP Visa debit card will offer customers a range of unique benefits, including a competitive 2% cashback rate on all purchases made with it. the Noon, Noon Grocery, NowNow and SIVVI card, 0.10% cash back on all other retail spend, up to 0.50% interest on savings account balance, plus as Salaam Rewards Points, Mashreq’s loyalty program, which enables instant redemption of rewards at over 850 outlets across the UAE.
Account holders will also receive a free VIP membership at noon, giving them additional benefits such as discounts, priority customer service and same-day deliveries when shopping at noon.com. Additionally, account holders will have access to Mashreq’s full range of products and services, which includes a state-of-the-art mobile banking platform, foreign currency accounts, fixed deposits and funds transfer services.
Sridhar Iyer, Head of Mashreq Neo at Mashreq, said, “The Mashreq noon VIP savings account unlocks synergies with midi to deliver greater value to our customers’ shopping and savings needs. Through this account, customers who shop at noon will be able to access a range of benefits, including 2% cash back on their purchases, attractive interest on their savings account balance and a free VIP membership at noon.”
Kartik Taneja, Head of Consumer Payments and Lending at Mashreq, said: “This product marks the latest initiative in our long-term partnership with midi – and reiterates our goal of continuously providing customers with helpful solutions. and convenient to meet their needs. Interested customers will be able to open Mashreq’s new VIP Savings Account at Noon in minutes via the Mashreq app or the Mashreq website – no paperwork required. As e-commerce continues to prominence in our daily lives, we believe this partnership will continue to deliver exceptional value – and we look forward to even more exciting initiatives.
Mosam Gadia, Fintech, Noon, said of the partnership, “We are proud to offer our valued Noon customers the region’s first co-branded savings account, reaching out to more buyers than ‘previously. Our team has worked hard to provide shoppers with a greater incentive to save through competitive interest rates on the savings account balance while continuing to improve the Mashreq noon VIP shopping experience they know and love.
Shahebaz Khan, Visa’s Managing Director for the United Arab Emirates, Bahrain and Oman, said, “At Visa, we have seen a significant shift to digital payments during the pandemic, which shows no signs of slowing down. The Mashreq Noon VIP Savings Account, with its digital integration and compelling benefits, is sure to continue this momentum. We are delighted to be able to help Mashreq and Noon provide their customers with a rewarding payment experience that meets both their shopping and savings needs, while further promoting the use of digital payments.
-Ends-
About the Mashreq
One of the most successful banks in the UAE for five decades, Mashreq is a leading financial institution with a growing footprint in the Middle East. We have international offices in Europe, Asia, Africa and the United States, and a strong presence in the financial capitals of the world.
As the oldest bank in the United Arab Emirates, our history dates back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout its history, Mashreq has differentiated itself by creating new concepts on the market and by launching unique products and services.
Our innovative approach really sets us apart, it also continues to earn us numerous awards and accolades across the board, including digital banking, the most recent being: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader in UAE & Middle East Trade Finance Survey, Middle East’s Best Digital Bank in Euromoney Digital Banking Regional Excellence Awards Most Innovative Consumer/Corporate in the UAE and Best Bank in the UAE according to World’s Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
For media inquiries, please contact:
Rana Al Borno
Public Relations, Mashreq
Email: RanaAlb@mashreq.com
