DBS partners with Mashreq to improve same-day cross-border payments

This initiative leverages DBS Globesend, a cross-border payment solution offering coverage for 132 currencies across 190 markets according to DBS. The same source reveals that the service facilitates efficient, rapid, and transparent payments, including transfers to popular digital wallets. Notably, transactions to Singapore and Hong Kong can be tracked in real-time, improving transparency and reliability. 

The partnership addresses an increasing demand for secure, convenient, and cost-effective cross-border payments driven by digital economy flows, international trade, investments, and remittances. DBS reveals that global cross-border payment flows are projected to surpass USD 250 trillion by 2027, reflecting substantial growth from almost USD 150 trillion in 2017. 

In light of these new developments, representatives from Mashreq highlighted the collaboration’s aim to enhance customer experience by offering near real-time global money transfers, particularly benefiting the UAE’s expatriate community. 

In turn, officials from DBS Bank emphasised the role of banks in facilitating seamless capital flows across regions, thus supporting businesses, consumers, and communities. DBS Globesend simplifies cross-border payments through a single API integration, enabling financial institutions and payment service providers to leverage DBS’ extensive global payout network without the need for independent network development, thus optimizing currency liquidity management.

What else has Mashreq been up to?

In March 2024, Mashreq collaborated with NPCI International Payments to integrate PhonePe with NEOPAY and improve financial connectivity between the UAE and India.  

Following the announcement, Unified Payments Interface (UPI)-enabled applications such as PhonePe were expected to be integrated with NEOPAY, Mashreq’s payment platform. This process was set to facilitate a secure and efficient suite of payment solutions for Indian tourists across multiple merchant locations and businesses in the region of the UAE.