UAE's Mashreq And DBS Collaborate For Swift Global Cross-Border Payments

DBS and Mashreq have announced a collaboration to provide same-day and near-instant peer-to-peer cross-border payments for Mashreq's retail customers in selected markets across Asia Pacific, Europe, and the Americas.

The service is powered by DBS Globesend, which enables cost-effective, fast, and transparent payments covering up to 132 currencies across 190 markets. Customers can also make same-day cross-border payments to popular digital wallets, meeting the growing demand for e-commerce transactions.

Demand for secure, convenient, and cost-effective cross-border payments has been increasing due to digital economy flows and higher volumes of international trade, investments, and remittances. Global cross-border payment flows are projected to exceed $250 trillion by 2027, up from almost $150 trillion in 2017.

Payments to Singapore and Hong Kong can be tracked end-to-end in real-time. Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, said the collaboration with DBS Bank broadens their network and provides secure and seamless cross-border remittance services to meet the needs of the expanding expatriate community in the UAE.

Terence Yong, Global Head of Sales, Global Transaction Services at DBS Bank, highlighted that global cross-border payment flows have surged as businesses pursue opportunities in new markets. He added that their longstanding relationship with Mashreq aims to facilitate the seamless flow of capital between regions.

DBS Globesend aims to simplify cross-border payments by allowing financial institutions and payment service providers to route their clients' payments through DBS' global payout network with just one bank account and one API integration via DBS' RAPID platform.

This connects them with over 3 billion accounts and digital wallets without having to build a payout network from scratch while more effectively managing currency liquidity.