Federal Bank enters into tie-up with UAE’s Mashreq Bank

By: |
May 11, 2021 1:00 AM

The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017.

Total SMA book stands at ~4.6% of the loan book. Total restructuring is ~1.2% of the book with retail forming 68%.Total SMA book stands at ~4.6% of the loan book. Total restructuring is ~1.2% of the book with retail forming 68%.

Federal Bank said on Monday it has entered into a strategic tie-up with UAE-based Mashreq Bank to facilitate money transfers from the UAE. Mashreq is one of the oldest banks and also the only privately-owned bank in that country.

The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017.

Shalini Warrier, executive director, Federal Bank, said, “With a market share of 17% in personal inward remittances to India, a fully end-to-end automated solution will ensure that customers get the benefit of instant transfers in a safe and secure manner and the Indian diaspora in the UAE will surely benefit from this.”

Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their homes or offices.

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.”

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