Singaporean bank DBS and Dubai-based lender Mashreq will collaborate to allow the Middle Eastern bank's retail customers to make same-day, near-instant cross-border payments in certain markets, the two banks said on Thursday.
The service, powered by DBS's cross-border payment solution that covers up to 132 currencies across 190 markets, will allow Mashreq's retail customers to make peer-to-peer international payments © Mena Today
Singaporean bank DBS and Dubai-based lender Mashreq will collaborate to allow the Middle Eastern bank's retail customers to make same-day, near-instant cross-border payments in certain markets, the two banks said on Thursday.
The service, powered by DBS's cross-border payment solution that covers up to 132 currencies across 190 markets, will allow Mashreq's retail customers to make peer-to-peer international payments in selected markets across the Asia Pacific, Europe and the Americas.
Demand for e-commerce transactions has increased across the globe, with global cross-border payment flows also projected to exceed $250 trillion by 2027, up from almost $150 trillion in 2017, the banks said in a statement.
"Global cross-border payment flows have surged as businesses, investors and talent pursue opportunities in new markets," said Terence Yong, global head of sales and global transaction services at DBS Bank.
"Our longstanding relationship with Mashreq aims to facilitate the seamless flow of capital, ultimately benefitting businesses, end-consumers and communities ».
Reporting by Sameer Manekar
The United Arab Emirates has pursued an assertive foreign policy and carved its own sphere of influence across the Middle East and Africa, a strategy in the spotlight after a rare military escalation with Saudi Arabia in Yemen this week.
The United Arab Emirates is preparing for a spectacular welcome to 2026, with fireworks and light shows planned across the country, from Abu Dhabi to Fujairah. The nationwide celebrations highlight the UAE’s reputation for hosting world-class, safe, and large-scale events.
Emirates has confirmed its status as the world’s leading international airline after a landmark year marked by record performance, strategic growth, and major innovations.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.