DBS and Mashreq have introduced a brand new collaboration to increase same-day and near-instant peer-to-peer cross-border funds to Mashreq’s retail clients in chosen markets throughout Asia Pacific, Europe, and the Americas.
The service, powered by DBS Globesend, goals to supply cost-effective, quick and clear funds in as much as 132 currencies throughout 190 markets, addressing the growing demand for safe and handy world transactions.
With world cross-border cost flows projected to exceed $250trillion by 2027, this collaboration between DBS and Mashreq represents a big step in the direction of simplifying and accelerating worldwide monetary transactions.
“We’re happy to hitch forces with DBS Financial institution to broaden our community, offering safe and seamless cross-border remittance companies to satisfy the wants of the increasing expatriate group within the UAE,” mentioned Kartik Taneja, head of funds and client lending at Mashreq.
“This strategic enhancement permits for world cash transfers in close to real-time, epitomising Mashreq’s unwavering dedication to elevating buyer expertise by way of cutting-edge improvements.”
Terence Yong, world head of gross sales, world transaction companies at DBS Financial institution, additionally added: “World cross-border cost flows have surged as companies, traders and expertise pursue alternatives in new markets. That is particularly evident in Asia which has attracted appreciable enterprise consideration globally, together with from the United Arab Emirates.
“Our longstanding relationship with Mashreq goals to facilitate the seamless stream of capital, in the end benefitting companies, end-consumers and communities. The collaboration additionally highlights the function banks can play in strengthening the connectivity of enterprise and client wants between areas.”
DBS Globesend simplifies cross-border funds by way of a single checking account and API integration by way of DBS’ RAPID platform. This permits monetary establishments and cost service suppliers to route funds by way of DBS’ world community, connecting over three billion accounts and digital wallets. Shoppers can even rapidly scale their cost companies with out constructing a brand new community and handle forex liquidity extra successfully.
