Mashreq has announced a strategic collaboration with Mastercard to significantly enhance its Quick Remit solution, strengthening its cross-border payment capabilities and expanding access to faster, more secure, and competitively priced international money transfers. By integrating Mastercard Move into its digital banking ecosystem, Mashreq is enabling customers to send funds directly in local currencies across new global remittance corridors. The partnership reflects the growing demand for seamless digital payment experiences while reinforcing the bank’s commitment to delivering innovative financial services that simplify international money movement for millions of customers.
At the heart of the collaboration is Mastercard Move, Mastercard’s global money movement platform that enables banks, businesses, governments, and financial institutions to send and receive funds quickly and securely across more than 200 countries and territories. Supporting transactions in over 150 currencies and reaching nearly 17 billion endpoints worldwide, the platform offers one of the industry’s most extensive cross-border payment networks. It also provides cash payout options through a vast network of pickup locations, ensuring that both banked and unbanked populations can access remittance services with greater convenience and financial inclusion.
The partnership comes at a pivotal time for the United Arab Emirates, which continues to rank among the world’s largest remittance markets. With the UAE’s outward remittance market projected to reach approximately US$47 billion in 2025 and expected to continue growing, financial institutions are increasingly investing in digital payment infrastructure that can support higher transaction volumes while improving speed, transparency, affordability, and customer experience. Through this collaboration, Mashreq is strengthening its position within this rapidly expanding market while responding to the evolving needs of expatriates, businesses, and individuals who rely on efficient international payment solutions.
The enhanced Quick Remit service is expected to deliver significant value by reducing transfer costs, expanding access to underserved remittance corridors, and enabling customers to send money directly in local currencies with greater speed and reliability. According to Mashreq, customer-centric innovation remains central to its payments strategy, while Mastercard emphasized that cross-border payments continue to serve as an essential financial lifeline connecting expatriates with families and communities across the globe. Together, the two organizations are leveraging technology, global infrastructure, and digital banking capabilities to make international payments more transparent, accessible, and efficient.
Initially focusing on key underserved remittance markets before expanding to additional international corridors, the collaboration
