DBS powers Mashreq’s global same-day cross-border payments
Singapore, 27 Jun 2024 - 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.
DBS and Mashreq announced a collaboration to deliver 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.
(Left to Right) Terence Yong, Global Head of Sales, Global Transaction Services, DBS; Lim Soon Chong, Group Head of Global Transaction Services, DBS; Kartik Taneja, Head of Payments and Consumer Lending, Mashreq.
(Left to Right) Raymond Heng, Business Development Lead, DBS Globesend, Global Transaction Services, DBS; Terence Yong, Global Head of Sales, Global Transaction Services, DBS; Kartik Taneja, Head of Payments and Consumer Lending, Mashreq; Lim Soon Chong, Group Head of Global Transaction Services, DBS; Liang Eng Hwa, Head of Banks and Non-Bank Financial Services, Financial Institutions Group, DBS; Rhidoi Krishnakumar, Group Co-Head of Financial Institutions Sales and Head of DBS Globesend Business Development, Global Transaction Services, DBS.
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 2017
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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.
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Cross-border payments, Bank of England
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Global Finance, “
World’s Best Bank
” by Euromoney and “
Global Bank of the Year
” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney and the world’s “
Most Innovative in Digital Banking
” by The Banker. In addition, DBS has been accorded the “
Safest Bank in Asia
“ award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
About Mashreq
Mashreq is almost a half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success.
Reassuringly present in major financial centres of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance.
Find your way to Rise Every Day at:
www.Mashreq.com/RiseEveryDay
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
