UAE’s leading financial institution Mashreq Bank has entered into a strategic partnership with the Indian commercial financial entity Federal Bank in order to promote money transfers from the UAE to India.
The collaboration will support Mashreq’s faster payment product, QuickRemit, which debuted in 2017. Mashreq is one of the UAE’s oldest banks, with a presence in twelve countries across Europe, the US, Asia, and Africa. It is also the UAE’s only privately held bank.
As a result of the collaboration, Mashreq customers can enjoy significant savings while continuing to send money instantly to India from the comfort of their home or office via Mashreq’s online and mobile banking channels.
“Federal Bank, a major player in the personal inward remittance space with around 90 remittance arrangements across the globe, adds one partnership to its fold through this tie-up,” according to the company statement.
“This partnership with Federal Bank comes at an important time, as the growth of the UAE remittance market improves and begins to return to pre-pandemic levels. In particular, this tie-up will help to support our popular QuickRemit service to strengthen our India corridor which has grown significantly over the years – and providing our customers with fast, on-the-go solutions to transfer funds instantly and conveniently to their home country – an imperative in today’s highly digitalized environment.”
“With a market share of 17 percent in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business is testimony to our mantra “Digital at the fore, human at the core”. A fully end to end automated solution will ensure that customers get the benefit of instant transfers in a safe & secure manner and the Indian diaspora in the UAE will surely benefit from this,” stated Ms. Shalini Warrier, Executive Director, Federal Bank.
Last Year, Mashreq Bank has teamed up with NIUM, a cross-border digital payments company to expand its existing QuickRemit service to over 35 countries worldwide.