Skip to main content

DBS, Dubai's Mashreq partner for same-day cross-border payments for retail clients

1 min

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

Tags

Related

United Arab Emirates

Dubai crown prince appointed UAE defence minister

The crown prince of Dubai has been appointed as minister of defence for the United Arab Emirates as part of a broader cabinet shuffle, Dubai ruler and UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum posted on X.

Subscribe to our newsletter

Mena banner 4

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.