Federal Bank in India has entered into a new partnership to facilitate money transfers from the UAE.

The lender collaborated with the Mashreq Bank, a privately-owned bank in the UAE, to streamline remittances.

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The partnership will support Mashreq’s payment product called QuickRemit. Launched in 2017, QuickRemit is designed to enable swift international money transfers.

Federal Bank executive director Shalini Warrier said: “We are excited about the partnership with Mashreqbank PSC, UAE, to provide a cost-effective instant money transfer service from UAE to India.

“With a market share of 17% in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business is testimony to our mantra ‘Digital at the fore, human at the core’.”

Mashreq Bank executive vice-president and head of Consumer Banking Tooran Asif said: “This partnership with Federal Bank comes at an important time, as the growth of the UAE remittance market improves and begins to return to pre-pandemic levels.

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“In particular, this tie-up will help to support our popular QuickRemit service to strengthen our India corridor which has grown significantly over the years – and providing our customers with fast, on-the-go solutions to transfer funds instantly and conveniently to their home-country – an imperative in today’s highly digitalised environment.”

A private sector lender, Federal Bank has around 1,289 banking outlets and 1,957 ATMs/Recyclers across India.

Last year, the lender partnered with ACI Worldwide to combat fraud.