Dubai, UAE: Mashreq NEO, a full-service digital bank from Mashreq Bank, announced a strategic partnership with Federal Bank, a leading financial institution in India to enable Mashreq Neo’s Indian customers open a Non-Resident account with Federal Bank in India, instantly via the Neo app.
The new initiative leverages the Open Banking construct to simplify the customer onboarding journey and deliver real-time account opening experience for customers. The partnership between two leading banks is set to offer unmatched speed, convenience, and secure banking. In addition to seamless account opening, customers will soon be able to view the balance in their NR accounts with Federal Bank on Mashreq Neo App and make instant remittances to India via its Quick Remit facility.
Speaking about the initiative, Fernando Morillo – Group Head of Retail Banking at Mashreq, said: “UAE is home to over three million NRIs and they also make up a significant proportion of the Neo franchise. It is a key priority for us to offer our customers superior experience while fulfilling their banking needs. We are extremely pleased to partner with Federal Bank and offer this innovative NRI service, which we think will delight our customers. It will be our constant endeavour to build on this offering and introduce more customer centric innovations in the future.”
Shalini Warrier, Executive Director, Federal Bank commenting on the partnership said “We are delighted to announce this strategic tie-up with Mashreq Bank, a leading Bank in UAE. Through this, we will be able to deliver the best of banking services to the Indian diaspora in the UAE. Federal Bank has a significant market share in the Non-Resident Indian business and in the Inward Remittances business; with this partnership, the best of all that we have on offer will be available to the customers of Mashreq Neo”.
Anand Chugh Vice President (Marketing and Investor Relations)
About Federal Bank
Federal Bank is a leading Indian private sector bank with a network of 1,291 banking outlets and 1,882 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.16 Lakh Crore as on December 31, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.37% as on 31st December 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
For media enquiries, please contact:
Rana Al Borno
Public Relations, Mashreq