DBS and Mashreq Collaborate for Cross-Border Payments Innovation

Singapore's DBS bank and Dubai's Mashreq have joined forces to introduce a new service that allows Mashreq's retail customers to make same-day, near-instant cross-border payments in specific markets. This collaboration leverages DBS's advanced cross-border payment solution, which spans 132 currencies across 190 markets. The initiative will enable Mashreq's retail clients to engage in peer-to-peer international payments in selected regions across Asia Pacific, Europe, and the Americas.

The global demand for e-commerce transactions has been steadily increasing, with experts predicting that global cross-border payment flows will exceed $250 trillion by 2027, a substantial rise from the $150 trillion recorded in 2017. This growth in cross-border payment flows is driven by businesses, investors, and professionals seeking opportunities in new markets.

Terence Yong, DBS Bank's global head of sales for global transaction services, emphasized the significance of facilitating smooth capital movement through the DBS-Mashreq partnership. This collaboration is designed to simplify cross-border payment processes, benefiting businesses, consumers, and communities alike.

The partnership between DBS and Mashreq marks a significant step towards enhancing cross-border payment capabilities for retail customers. As global trade and e-commerce continue to expand, initiatives like these play a crucial role in enabling seamless financial transactions across borders, ultimately fostering economic growth and connectivity on a global scale.