Thunes is enabling Mashreq to send instant mobile wallet transfers to millions of customers across major remittance corridors.
The partnership connects Mashreq to Thunes’ Direct Global Network, giving the bank direct access to mobile wallets in Asia, Africa and Europe.
The service is designed to offer faster, more affordable, transparent and efficient cross-border transfers across key growth markets.
The rollout will begin with Mashreq’s top 30 payment corridors and expand to more destinations over time.
The UAE, the world’s second-largest remittance hub, is expected to process about US$47 billion in outward flows in 2025, growing at 4.7 percent annually.
Both companies said the collaboration aims to meet rising demand for secure and reliable international payments.
“By expanding our reach to mobile wallets through Thunes’ trusted Direct Global Network, we’re empowering millions of people to send funds to around 45 new destinations instantly and more affordably than ever before.
With mobile wallet users projected to exceed five billion globally in the next few years, this capability is critical to serving our customers in key growth markets and driving greater financial connectivity.”
said Kartik Taneja, Head of Payments & Consumer Lending at Mashreq.
“We are delighted to welcome Mashreq as a Member of our Direct Global Network. This alliance further strengthens our position in the Middle East, amplifying our mission to enable more consumers to take part in the global economy through instant, borderless payments.
Trusted by leading banks and financial institutions worldwide, Thunes provides the secure and reliable Network needed to move money with confidence. Together with Mashreq, we’re enabling a new wave of payment innovation and connectivity that will reshape how money moves worldwide.”
said Simon Nelson, Chief Commercial Officer at Thunes.
This article first appeared on Fintech News Singapore.
