Federal Bank has entered into a strategic tie-up with Mashreq Bank, the only privately-owned and one of the oldest financial banks 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 presence in twelve countries across Europe, US, Asia, and Africa.
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 per cent 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 and secure manner.”
Federal Bank, 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 and continue to send money instantaneously to India.
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 digitalised environment.”
