DBS and Mashreq, two leading financial institutions in Asia and MENA (Middle East and North Africa) today announced a collaboration that extends same-day and near-instant peer-to-peer cross-border payments to Mashreq’s retail customers, in selected markets across Asia Pacific, Europe and the Americas.
The service is powered by DBS Globesend, a cross-border payment solution enabling cost-effective, fast and transparent payments covering up to 132 currencies across 190 markets. With the service, customers will also be able to make same-day cross-border payments to popular digital wallets, in line with the growing demand for e-commerce transactions. In addition, payments to Singapore and Hong Kong can be tracked end-to-end in real-time, providing greater certainty and peace of mind.
Demand for secure, convenient and cost-effective cross-border payments has been on the rise, driven by digital economy flows and higher volumes of international trade, investments and remittances. Global cross-border payment flows are projected to exceed USD 250 trillion by 2027, up from almost USD 150 trillion in 20171.
Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, said: “We are pleased to join forces with DBS Bank to broaden our network, providing secure and seamless cross-border remittance services to meet the needs of the expanding expatriate community in the UAE. This strategic enhancement allows for global money transfers in near real-time, epitomising Mashreq’s unwavering commitment to elevating customer experience through cutting-edge innovations.”
Terence Yong, Global Head of Sales, Global Transaction Services at DBS Bank, said: “Global cross-border payment flows have surged as businesses, investors and talent pursue opportunities in new markets. This is especially evident in Asia which has attracted considerable business attention globally, including from the United Arab Emirates. Our longstanding relationship with Mashreq aims to facilitate the seamless flow of capital, ultimately benefitting businesses, end-consumers and communities. The collaboration also highlights the role banks can play in strengthening the connectivity of business and consumer needs between regions.”
DBS Globesend aims to simplify cross-border payments. With just one bank account and one API integration via DBS’ RAPID (Realtime APIs by DBS) platform, financial institutions and payment service providers can seamlessly route their clients’ payments through DBS’ global payout network, connecting them with over 3 billion accounts and digital wallets. This enables clients to rapidly scale their cross-border payments propositions without having to build a payout network from scratch, while more effectively managing currency liquidity.