|16 July, 2019

StanChart partners with UAE Exchange for cash management services

The partnership will allow the bank to provide its corporate clients with multiple touchpoints for depositing cash in the UAE.

Standard Chartered Bank has partnered with UAE Exchange to allow the bank's corporate clients to deposit cash in their accounts through the UAE-based remittances branches.

Abdel Kareem Alkayed, UAE Exchange Country Head, said that the new arrangement allows the bank's corporate clients to benefit from the UAE Exchange’s expertise in streamlining cash management processes and the firm’s ability to handle large amounts of physical cash in a safe and secure manner.

The new cash deposit service will be available seven days a week along with extended cut-off time for depositing cash at UAE Exchange branches, added Standard Chartered Bank.

“Cash handling remains a significant pain point for corporates due to the associated cost and risk,” said Motasim Iqbal, the Head of Transaction Banking at StanChart UAE.

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