Federal Bank, Mashreq Bank Join Hands to Facilitate Instant Money Transfers from UAE to India

Federal Bank ventures into a strategic partnership with Mashreq Bank, one of the leading financial institutions in the UAE, to enable money transfers from the UAE to India.
This partnership is expected to support Mashreq's faster payment product, QuickRemit, which was propelled in 2017.

Mashreq is one of the ancient banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE.

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".

Federal Bank, a player in the personal inward remittance space with around 90 remittance arrangements across the globe, adds one partnership to its fold through this link-up. As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from 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."

In 2020, Mashreq Bank associates with NIUM, a cross-border digital payments company, to stretch its existing QuickRemit service to more than 35 countries universal. The agreement ready it the first bank in the UAE to offer instant and same day credit facility to so many places, including the UK, Singapore, Philippines, Australia, Canada, Sri Lanka and majority of European countries.