Federal Bank has entered into a strategic tie-up with Mashreq Bank to facilitate money transfers from the UAE to India by supporting the latter’s faster payment product, QuickRemit, which was launched in 2017.
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.
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.
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 one of the first banks 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 majority of European countries.
Shalini Warrier, Executive Director, Federal Bank said,
“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.”
Tooran Asif, Executive Vice President, Head of Consumer Banking at Mashreq Bank said,
“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 digitalised environment.”
Featured image credit: Edited from Unsplash