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Eye of Dubai
Business & Money | Sunday 4 October, 2020 9:32 am |
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Mashreq and noon.com announce strategic partnership to redefine online shopping for UAE customers

 

Will see the launch of the UAE’s first e-commerce co-branded card: Mashreq noon VIP Visa Credit Card

 

Mashreq, one of the leading financial institutions in the UAE, and noon.com, the region’s premier homegrown e-commerce platform, have announced a long-term strategic partnership to redefine the digital payments experience for UAE consumers. Aligned with the UAE Vision 2021, the partnership endeavors to support the evolving needs of customers in a hyper-digital world. The joint venture will combine Mashreq’s award-winning digital banking capabilities, and noon's leading e-commerce platform in the regional market, ensuring that customers can access a 360-degree range of services that is catered to customers’ lifestyles - all while making the digital experience secure and rewarding. 

The first leg of the partnership will kick off with the launch of the ‘Mashreq noon VIP Visa Credit Card’, the UAE’s first e-commerce co-branded credit card. It will offer customers a wide range of benefits including 3.5% cashback on all purchases at noon, 1% on all other domestic and international spends, a joining bonus of AED 500, and zero annual fees. Additionally, cardholders will receive exclusive noon privileges including free delivery on all noon express orders, complimentary discounts at multiple merchant and retail partners, and 0% interest rate for the first six months. 

Customers in the UAE can apply for the card with zero paperwork through the bank’s digital platforms, receiving a digital card in as little as three hours.        

H.E Abdul Aziz Al Ghurair, Chairman, Mashreq Bank, said: “The region’s e-commerce landscape has rapidly evolved in recent years, but it has significantly accelerated over the last few months as people increasingly shop online due to the Covid-19 pandemic. This milestone partnership between Mashreq and noon – two companies with a shared commitment to make the lives of customers easier through digital-first innovation – reflects this burgeoning market, and will serve to simplify the online shopping experience for consumers navigating an increasingly digital world. Mashreq’s leading banking and financial expertise combined with noon’s lifestyle and consumer experience capabilities will ensure e-commerce continues to make huge strides in the UAE, even as we enter a post-pandemic world.”

Mohamed Alabbar, noon, said of the partnership: “I firmly believe our market is on the cusp of a large e-commerce revolution, one which the pandemic will only accelerate. Noon was created to provide the people of this region with a local player they could rely on, offering an incredible service and experience. Over the past few months noon has experienced its own growth, becoming a much-needed and loved utility. People are shopping online with increased vigor, trust and need. We want to ensure our customers can enjoy the most compelling and exciting online shopping experience which is why we are excited about this market-leading partnership with Mashreq. Our ‘Mashreq noon VIP Visa Credit Card’ will give customers a secure, seamless shopping experience whilst rewarding them for their loyalty.”

As UAE customers evolve to rely increasingly on digital services, the new partnership from Mashreq and noon will focus on transforming everyday shopping for residents, and incentivize them with complimentary membership to noon VIP, a market-leading loyalty program. Already live in the UAE, the noon VIP program will be available to all Mashreq and noon customers who are registered Mashreq noon VIP VISA credit cardholders.

Mashreq and noon are committed to making the lives of customers easier and more convenient through digital-first innovation and more initiatives will be announced in the near future. The milestone partnership will continue to simplify everyday payments for customers who are navigating an increasingly digital world, while ensuring their privacy and financial safety. People wishing to join the waitlist for the Mashreq noon VIP VISA credit card can register  to be first to hear more.

About Mashreq

One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world. 

 

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services. 

 

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

 

About noon

Noon is a joint venture between the Kingdom of Saudi Arabia’s Public Investment Fund and Mohamed Alabbar. noon.com is a Saudi company, headquartered in Riyadh and was founded with the mission of building an ecosystem of homegrown digital companies from the region, for the region to safeguard the future of our digital landscape. Noon seeks to bring exceptional value, support service to our region’s consumers and businesses. Noon’s consumer platform first went live in the Kingdom of Saudi Arabia on 12th December 2017 and has grown to become the region’s leading online shopping destination with operations present in KSA, the United Arab Emirates and Egypt.   Primarily a digital e-commerce platform utilizing home-grown technology talents, noon has rapidly built deep native capabilities in its marketplace, fulfillment, logistics and payments platforms. 

          

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