Federal Bank has entered into a tie-up with Mashreq Bank, a leading financial institution in the UAE, to facilitate money transfers to India. The partnership will support Mashreq’s faster payment product, QuickRemit. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa.
Shalini Warrier, Executive Director, Federal Bank said, “With a market share of 17 per cent in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business. Federal Bank adds one more partnership to its fold through this tie-up”.
Tooran Asif, Executive Vice-President, Head of Consumer Banking at Mashreq Bank said, “This partnership with Federal Bank comes at an important time, as the growth of the UAE remittance market improves and begins to return to pre-pandemic levels.”.