Singapore’s DBS Group Holdings and the Mashreq, the oldest privately-owned bank in the UAE, on Thursday announced that they will work together to bring extends same-day and near-instant peer-to-peer cross-border payments to Mashreq’s retail customers.
The service, powered by DBS Globesend, a cross-border payment solution, will be rolled out in selected markets across Asia Pacific, Europe and the Americas.
The service will allow Mashreq’s customers to make same-day cross-border payments to popular digital wallets, in line with the growing demand for e-commerce transactions. In addition, payments to Singapore and Hong Kong can be tracked end-to-end in real-time.
According to a joint release by both banks, referring to a study conducted by the Boston Consulting Group, global cross-border payment flows are projected to exceed $250 trillion by 2027, up from almost $150 trillion in 2017.
Real-Time Transactions
Kartik Taneja, head of payments and consumer lending as Mashreq, said that they were pleased to join forces with DBS Bank to broaden Mashreq’s network, providing secure and seamless cross-border remittance services to meet the needs of the expanding expatriate community in the UAE. “This strategic enhancement allows for global money transfers in near real-time, epitomising Mashreq’s unwavering commitment to elevating customer experience through cutting-edge innovations,” Taneja added.
In his comments, Terence Yong, global head of sales, global transaction services at DBS Bank, said that global cross-border payment flows have surged as businesses, investors and talent pursue opportunities in new markets. This is especially evident in Asia which has attracted considerable business attention globally, including from the UAE.
“Our longstanding relationship with Mashreq aims to facilitate the seamless flow of capital, ultimately benefitting businesses, end-consumers and communities. The collaboration also highlights the role banks can play in strengthening the connectivity of business and consumer needs between regions,” he added.
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