DBS and Mashreq launch near-instant cross-border payments

DBS and Mashreq, two prominent financial institutions in Asia and the MENA region, have announced a partnership to offer same-day and near-instant peer-to-peer cross-border payments to Mashreq’s retail customers in selected markets across Asia Pacific, Europe, and the Americas

This service is facilitated by DBS Globesend, a cross-border payment solution that provides cost-effective, fast, and transparent payments, supporting up to 132 currencies across 190 markets. Customers will also be able to make same-day cross-border payments to popular digital wallets, catering to the increasing demand for e-commerce transactions. Additionally, payments to Singapore and Hong Kong can be tracked in real-time, offering greater certainty and peace of mind.

The demand for secure, convenient, and affordable cross-border payments is increasing, driven by the digital economy and rising volumes of international trade, investments, and remittances. Global cross-border payment flows are expected to surpass US$250 trillion by 2027, up from nearly US$150 trillion in 2017.

Kartik Taneja, head of payments and consumer lending at Mashreq, said, “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.”

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

DBS Globesend aims to simplify cross-border payments. With just one bank account and one API integration via DBS’ RAPID (Realtime APIs by DBS) platform, financial institutions and payment service providers can seamlessly route their clients’ payments through DBS’ global payout network, connecting them with over 3 billion accounts and digital wallets. This enables clients to rapidly scale their cross-border payments propositions without having to build a payout network from scratch, while more effectively managing currency liquidity.