16-Jun-2022
- Mashreq customers will be able to subscribe digitally and open a Mashreq Securities brokerage account via the Mashreq Mobile Banking App to the upcoming Tecom IPO listed on the Dubai Financial Market (DFM)
- Role strengthens Mashreq’s commitment to innovation and providing a seamless digital banking experience
Dubai, UAE, 16th June 2022: Mashreq, one of the leading financial institutions in the UAE, is the first bank to go live with its digital IPO subscription through its mobile application. The bank’s retail customers can now generate a National Investor Number (NIN), open a brokerage account in Mashreq Securities and subscribe digitally to the Tecom initial public offering (IPO) and other IPOs listed on Dubai Financial Market (DFM) through the Mashreq Mobile Banking App.
Mashreq retail customers will be able to benefit from a seamless digital experience allowing them to register their interest for upcoming IPOs, receive important information on listing dates, key highlights of the organization, and various ways to subscribe and make payments instantly through a click of a button.
To further facilitate investor participation ahead of the Tecom IPO, Mashreq will be offering its retail customers with a DFM investor number (NIN) and a trading account number on a real-time basis through a strategic collaboration between Mashreq Securities, the brokerage and securities division of Mashreq Bank and Dubai Financial Market (DFM).
The entire onboarding journey will be completely paperless and can be completed in a few minutes allowing Mashreq customers to leverage their subscription into the Tecom IPO by up to 5 times, digitally with instant approval for eligible clients.
TECOM Group is a member of the Dubai Holding group and owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy.
Fernando Morillo, Senior Executive Vice President, Group Head of Retail Banking at Mashreq, said: “Aligned with the diversification efforts of the UAE government, there is a growing momentum in the country to take state enterprises public. These are exciting times for Dubai and the whole of the UAE with a number of IPOs scheduled to take place in the near future. Innovative companies will be able to raise capital and create more jobs which in turn will further fuel growth and broaden investment opportunities in the country.
“We are excited to be supporting UAE’s capital markets through our mobile banking proposition that will offer a seamless digital experience to customers who are looking to subscribe to future IPOs. We are committed to supporting the vision of the UAE to build a strong infrastructure for its capital markets and investors,” added Morillo.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Today’s investors are digitally connected, requiring seamless access to market opportunities. DFM is excited to partner with Mashreq and Mashreq Securities, giving Mashreq Mobile Banking retail customers an opportunity to open a trading account through an easy on-boarding process and diversify their portfolio with upcoming IPOs. Innovation and connectivity solutions are at the core of our efforts as we prepare for an increase in market activity around new IPOs. We remain committed to collaborate with the region’s leading financial institutions, like Mashreq, to ensure seamless access to these market opportunities.”
This new initiative launched by Mashreq comes as Dubai prepares to publicly list several government-owned companies on the DFM, as announced by H.H Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and Chairman of the Higher Committee for the Development of Financial Markets in Dubai, with the aim of expanding the financial market’s capitalization to AED 3 trillion ($816.8 billion).
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