Singapore’s DBS, Mashreq join forces for same-day cross-border payments

Dubai-based lender Mashreq has joined forces with Singaporean lender DBS, paving the way for the Middle Eastern bank’s retail customers to make same-day, near-instant cross-border payments in certain markets, the two banks said on Thursday.

The service, which is powered by DBS Globesend, will allow Mashreq’s retail customers to make peer-to-peer international payments in selected markets across the Asia Pacific, Europe and the Americas. DBS Globesend covers up to 132 currencies across 190 markets.

Furthermore, cross-border payments to Singapore and Hong Kong can be tracked end-to-end in real time.

“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,” said Kartik Taneja, head of Payments and Consumer Lending at Mashreq. Taneja said the enhancement allows for global money transfers in near real-time.

The demand for e-commerce transactions has increased worldwide, and global cross-border payment flows are also projected to exceed $250tn by 2027, up from almost $150tn in 2017, according to the Bank of England.

“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 UAE,” said Terence Yong, global head of Sales and Global Transaction Services at DBS Bank.

Yong said the partnership will facilitate the seamless flow of capital, ultimately benefitting businesses, end-consumers and communities.

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