Advertisement
Singapore markets closed

  • Straits Times Index

    3,332.80
    -10.55 (-0.32%)
     

  • Nikkei

    39,583.08
    +241.54 (+0.61%)
     

  • Hang Seng

    17,718.61
    +2.14 (+0.01%)
     

  • FTSE 100

    8,164.12
    -15.56 (-0.19%)
     

  • Bitcoin USD

    61,484.28
    +653.47 (+1.07%)
     

  • CMC Crypto 200

    1,275.12
    -8.71 (-0.68%)
     

  • S&P 500

    5,460.48
    -22.39 (-0.41%)
     

  • Dow

    39,118.86
    -45.20 (-0.12%)
     

  • Nasdaq

    17,732.60
    -126.08 (-0.71%)
     

  • Gold

    2,336.90
    +0.30 (+0.01%)
     

  • Crude Oil

    81.46
    -0.28 (-0.34%)
     

  • 10-Yr Bond

    4.3430
    +0.0550 (+1.28%)
     

  • FTSE Bursa Malaysia

    1,590.09
    +5.15 (+0.32%)
     

  • Jakarta Composite Index

    7,063.58
    +95.63 (+1.37%)
     

  • PSE Index

    6,411.91
    +21.33 (+0.33%)
     

DBS to power same-day peer-to-peer cross-border payments with Mashreq

Felicia Tan
·2-min read

The service, powered by DBS Globesend, will be rolled out in selected markets across Asia Pacific, Europe and the Americas.

DBS Group Holdings and Mashreq, the oldest privately-owned bank in the United Arab Emirates (UAE), announced that they will work together to bring same-day and near-instant peer-to-peer cross-border payments to Mashreq’s retail customers.

The service, powered by DBS Globesend, a cross-border payment solution, will be rolled out in selected markets across Asia Pacific, Europe and the Americas.

The service will also allow Mashreq’s customers 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.

ADVERTISEMENT

According to the joint release, referring to a study conducted by the Boston Consulting Group, global cross-border payment flows are projected to exceed US$250 trillion ($339.12 trillion) by 2027, up from almost US$150 trillion in 2017.

“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,” says Kartik Taneja, head of payments and consumer lending as Mashreq.

“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,” adds Terence Yong, global head of sales, global transaction services at DBS Bank.

See Also: