DBS and Mashreq Strike Deal for Swift Cross-Border Payments

Arabian Post Staff -Dubai

Singapore’s DBS Bank and Dubai-based Mashreq Bank have announced a collaboration to revolutionize cross-border payments for Mashreq’s retail customers. This partnership will enable near-instant, same-day international money transfers to select markets across Asia Pacific, Europe, and the Americas.

The initiative leverages DBS’s established cross-border payment solution, DBS Globesend. This platform facilitates cost-effective and transparent international transactions in up to 132 currencies across 190 markets. Through this collaboration, Mashreq’s customers can now experience the ease and speed of digital payments on a global scale.

“Global cross-border payment flows are surging, driven by the increasing interconnectedness of businesses and individuals, ” said Terence Yong, Global Head of Sales, Global Transaction Services at DBS Bank. “Our partnership with Mashreq aims to streamline this process, offering their customers a secure and efficient way to send money internationally. ”

This collaboration caters to the growing demand for seamless e-commerce transactions. Customers will be empowered to make same-day cross-border payments directly to popular digital wallets, eliminating the delays and complexities often associated with traditional money transfers.

For added convenience, DBS Globesend enables real-time end-to-end tracking for payments to Singapore and Hong Kong. This transparency provides customers with peace of mind, allowing them to monitor their transfers every step of the way.

“We are delighted to join forces with DBS Bank to expand our network and deliver exceptional cross-border remittance services, ” said Kartik Taneja, Head of Payments and Consumer Lending at Mashreq Bank. “This collaboration aligns perfectly with our commitment to providing the UAE’s thriving expatriate community with secure and convenient financial solutions. ”

The partnership between DBS and Mashreq signifies a significant stride towards a future of swift and hassle-free international money transfers. With the rising demand for global financial transactions, this initiative offers a glimpse into a world where borders become less restrictive in the digital realm.

Also published on Medium.