Chennai: Federal Bank has entered into a strategic tie-up with Mashreq Bank one of the leading financial institutions in the UAE, to facilitate money transfers from the UAE to India. The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia, and Africa. It is also the only privately-owned bank in the UAE.
Referring to this tie-up, Shalini Warrier, Executive Director, Federal Bank said, “We are excited about the partnership with Mashreqbank PSC, UAE, to provide a cost-effective instant money transfer service from UAE to India. With a market share of 17% 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.”
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. As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq’s online and mobile banking channels.
Speaking on the occasion, Tooran Asif, Executive Vice President, Head of Consumer Banking at Mashreq Bank said, “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.”
Last year, Mashreq Bank partnered with NIUM, a cross-border digital payments company, to expand its existing QuickRemit service to more than 35 countries worldwide. The agreement made it the first bank in the UAE to offer instant and same-day credit facility to so many places, including the UK, Singapore, Philippines, Australia, Canada, Sri Lanka, and the majority of European countries.