India’s Federal Bank has entered into a strategic tie-up with the UAE-based Mashreq Bank to facilitate efficient money transfers between the two countries, whilst also supporting 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, the US, Asia, and Africa. It also stands as the country’s only privately-owned bank.
“We’re excited about the partnership with Mashreq Bank PSC, UAE, to provide a cost-effective instant money transfer service from UAE to India,” comments Shalini Warrier, the Executive Director at Federal Bank. “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.”
As a direct result of this latest partnership, Mashreq customers can enjoy substantial returns on their savings, alongside the continued ability to send money instantaneously to India from the comfort and convenience of their own home or office, via 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.”
Mashreq Bank previously formed a similar partnership in 2020 with the cross-border digital payments company NIUM, to expand the adoption of its existing QuickRemit service to more than 35 countries worldwide. As a result of the agreement, the bank became the first UAE-based financial institution to supply instant and same day credit facilities to a string of destinations, including the UK, Singapore, the Philippines, Australia, Canada, Sri Lanka and the majority of mainland European countries.