Net Element (NETE) Unit Enters Partnership with UAE-Based Mashreqbank

November 22, 2016 8:45 AM EST
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Net Element, Inc. (Nasdaq: NETE) announces that Net Element FZ, LLC has signed an agreement with Mashreqbank, a leading financial institution in the United Arab Emirates' (UAE). The agreement includes transaction clearing, draft capture and settlement of bankcard transactions in multiple currencies, as well as full integration with Net Element's Internet Payment Gateway and risk management services.

The Payment Gateway Processing agreement with Mashreqbank, known as one of the most innovative banks in the Gulf Region, allows Net Element to process transactions for merchants in the UAE.

"We are excited about our partnership with the award-winning Mashreqbank, UAE's leading financial institution," comments Suresh Menon, CEO & managing director of Net Element FZ, LLC UAE. "Under this agreement, Net Element will launch its merchant acquiring in the UAE as part of its government payment processing solutions offering."

"At Mashreq we continue to look at new and innovative financial solutions for our partners and customers. In line with our efforts, our partnership with Net Element FZ, LLC Dubai is yet another step in our endeavor as we contribute to Dubai's vision toward Smart City," commented Pankaj Kundra, Head of Payments for Mashreqbank.



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