Mashreq, a leading financial institution in the MENA region, has announced a strategic collaboration with Mastercard to expand the global reach of its Quick Remit solution, enabling Mashreq's customers to transfer money abroad through its digital banking channels. Through this collaboration, Mastercard Move, the company's portfolio of money movement capabilities, will elevate Mashreqs cross-border remittance capabilities, boosting its overall service proposition andallowing customers to send money directly in local currencies across new international corridors. The initiative aims to deliver faster, more reliable and competitively priced cross-border transfers, empowering millions of Mashreq customers to move funds quickly and securely.
Mastercard Move enables banks, corporates, non-bank FIs, digital players and governments - and their customers - to send and receive funds across borders and payment types. It enables money to move quickly, safely and with ease, within and across more than 200 countries and territories, including high-demand, hard to access markets, and in more than 150 currencies, reaching nearly 17 billion endpoints and 95 of the world's banked population.
To cater to the unbanked and underbanked, cash payout is also an option through Mastercard's extensive network of cash pickup locations.
