MIAMI, FL--(NewMediaWire - Nov 22, 2016)
- Net Element,
Inc. (NASDAQ: NETE) ("Net Element" ), a provider of global
mobile payment technology solutions and value-added transactional
services, today 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.
About Mashreq
Mashreq is the oldest bank in the UAE with an extensive branch
network across the Emirates. Mashreq is also present in 11
countries outside UAE with 21 overseas branches and offices spread
across Europe, USA, Asia and Africa providing a comprehensive range
of international financial services. Established in 1967, Mashreq
has established itself as a market leader by delivering
award-winning customer experiences and innovative thinking across
its financial products and services. Mashreq's various banking
divisions cater to its own unique specialisms and expertise and
include: Corporate Banking, Retail Banking, International Banking,
and Innovative Treasury Services. The bank also allows for
customers to experience Sharia'h Compliant financial banking
solutions. As a leading financial institution, Mashreq is committed
to supporting every community it serves. In the UAE, the bank pays
particular attention to recruiting, training, and developing UAE
National employees. Mashreq is the only financial institution
in the UAE to have been awarded the CSR Label by Dhabi Chamber for
five years in a row. Further information is available
at www.mashreqbank.com.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service
transactional and value-added services platform for small to medium
enterprise ("SME") in the US and selected emerging markets. In the
US, we are growing transactional revenue with innovative services
including our cloud based, restaurant point-of-sale solution
Aptito. Internationally, Net Element's strategy is to leverage its
omni-channel platform to deliver flexible offerings to emerging
markets with diverse banking, regulatory and demographic conditions
such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where
initiatives have been recently launched. Further information is
available at www.netelement.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Any statements contained in this press release that are not
statements of historical fact may be deemed forward-looking
statements. Words such as "continue," "will," "may," "could,"
"should," "expect," "expected," "plans," "intend," "anticipate,"
"believe," "estimate," "predict," "potential," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, whether the relationship with Mashreqbankwill be
beneficial to the Company, whether Net Element can secure any
additional financing and if such additional financing will be
adequate to meet the Company's objectives. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Net Element and are difficult to
predict. Examples of such risks and uncertainties include, but are
not limited to: (i) Net Element's ability (or inability) to obtain
additional financing in sufficient amounts or on acceptable terms
when needed; (ii) Net Element's ability to maintain existing, and
secure additional, contracts with users of its payment processing
services; (iii) Net Element's ability to successfully expand in
existing markets and enter new markets; (iv) Net Element's ability
to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (v) unanticipated operating
costs, transaction costs and actual or contingent liabilities; (vi)
the ability to attract and retain qualified employees and key
personnel; (vii) adverse effects of increased competition on Net
Element's business; (viii) changes in government licensing and
regulation that may adversely affect Net Element's business; (ix)
the risk that changes in consumer behavior could adversely affect
Net Element's business; (x) Net Element's ability to protect its
intellectual property; (xi) local, industry and general business
and economic conditions; (xii) adverse effects of potentially
deteriorating U.S.-Russia relations, including, without limitation,
over a conflict related to Ukraine, including a risk of further
U.S. government sanctions or other legal restrictions on U.S.
businesses doing business in Russia. Additional factors that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements can be found in the most
recent annual report on Form 10-K and the subsequently filed
quarterly reports on Form 10-Q and current reports on Form 8-K
filed by Net Element with the Securities and Exchange Commission.
Net Element anticipates that subsequent events and developments may
cause its plans, intentions and expectations to change. Net Element
assumes no obligation, and it specifically disclaims any intention
or obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by law.