Mumbai, May 10 (IANS): Federal Bank has entered into a strategic tie-up with UAE's Mashreq Bank, to facilitate money transfers from the UAE to India.

The partnership will support Mashreq's faster payment product, QuickRemit, which was launched in 2017. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE.

Shalini Warrier, Executive Director, Federal Bank said: "We are excited about the partnership with Mashreq Bank PSC, UAE, to provide a cost-effective instant money transfer service from UAE to India."

"With a market share of 17 per cent in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business is testimony to our mantra 'digital at the fore, human at the core'," Warrier said.

As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq's online and mobile banking channels, said a statement.

Tooran Asif, Executive Vice President, Head of Consumer Banking at Mashreq Bank said: "This tie-up will help to support our popular QuickRemit service to strengthen our India corridor which has grown significantly over the years -- providing our customers with fast, on-the-go solutions to transfer funds instantly and conveniently to their home-country-- an imperative in today's highly digitalised environment."