DBS and Mashreq have announced a new collaboration to extend 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, powered by DBS Globesend, aims to provide cost-effective, fast and transparent payments in up to 132 currencies across 190 markets, addressing the increasing demand for secure and convenient global transactions.
With global cross-border payment flows projected to exceed $250trillion by 2027, this collaboration between DBS and Mashreq represents a significant step towards simplifying and accelerating international financial transactions.
“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,” said Kartik Taneja, head of payments and consumer lending at Mashreq.
“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, also added: “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 simplifies cross-border payments through a single bank account and API integration via DBS’ RAPID platform. This enables financial institutions and payment service providers to route payments through DBS’ global network, connecting over three billion accounts and digital wallets. Clients can also quickly scale their payment services without building a new network and manage currency liquidity more effectively.
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