Federal Bank has entered into a strategic tie-up with UAE’s Mashreq Bank to facilitate money transfers from the UAE to India. The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017. Mashreq and has a presence in 12 countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE. Shalini Warrier, Executive Director, Federal Bank, said with a market share of 17% in personal inward remittances to India, the bank been always at the forefront of ensuring its remittance business is testimony to its mantra ‘Digital at the fore, human at the core’. A fully end to end automated solution will ensure that customers get the benefit of instant transfers in a safe & secure manner and the Indian diaspora in the UAE will surely benefit from this, she added. 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.
