UAE-based Mashreq Bank has carved out a new wholly-owned subsidiary from its existing payments business to bolster its position in the digital payment space.

The new unit, IDFAA Payment Services, is branded as NEOPAY, powered by Mashreq.

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Through NEOPAY, Mashreq Bank is looking to consolidate all of its existing payment systems into a single platform.

NEOPAY will leverage technology, including card processing and merchant acquiring systems, processing switches and PoS inventory to offer services to merchants and consumers.

The new unit builds on Mashreq Bank’s earlier payments business, which is said to process $22bn annually across several sectors.

Mashreq Bank group head of retail banking group Fernando Morillo said: “The launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq’s payment business, and enable us to solidify our leadership role in the rapidly evolving payments space.

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“As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest-growing e-commerce acquirer in the UAE.”

NEOPAY will offer consumer payment platforms and merchant acquiring and issuing processing services.

Additionally, it will offer services such as data monetisation, ‘buy now, pay later’ and other software solutions.

NEOPAY CEO Vibhor Mundhada said: “The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region. This new brand, under a standalone entity, will combine the powerful Mashreq brand with the very latest cutting-edge technology to drive our growth agenda.”