Kuwait Times, Tuesday, Mar 21, 2023 | Sha'ban 29, 1444
Boubyan Bank and Mastercard partner on remittance transfers
Boubyan Bank and Mastercard have partnered to
simplify and speed up cross-border remittance payments. Through Mastercard
Cross-Border Services, Boubyan Bank customers are now given greater choice and
flexibility when sending money to destinations around the world.
Through the partnership, Mastercard Cross-Border Services is now available on
Boubyan Bank’s mobile application, allowing users to seamlessly transfer money.
Through a single connection, users can send money in a swift and secure manner
to beneficiary bank accounts, mobile wallets or cash-out points globally. While
previously, customers were only able to send funds through an exchange house,
both retail and corporate customers at Boubyan Bank can complete near real-time
transfers at competitive rates to over 35 countries wherever they are, any time
of the day.
J K Khalil, cluster general manager, MENA East, Mastercard, said: “Remittances
continue to play an integral part in the global economic recovery and are a
vital service for those in this region, in particular, and their beneficiaries
around the world. Boubyan Bank joins a growing list of global partners working
with Mastercard to offer people and businesses a more certain and secure way to
pay and get paid across borders. This partnership further expands our multi-rail
proposition through the Mastercard payments matrix as we enable money to be sent
how, where and when people choose.”
Abdullah Al-Mejhem, chief consumer & private banking officer at Boubyan Bank,
said: “We are pleased to collaborate with one of the world’s largest known
companies for instant cross-border transfers such as Mastercard, and what this
partnership can provide to our customers in terms of distinguished services when
making money transfers to more than 35 countries around the world from while
using the Boubyan App.”
Mastercard’s Cross-Border Services enable banks, fintechs, mobile network
operators and exchange houses to modernize remittances with a network footprint
in around 140+ countries and real time transfers to 40+ countries. Bolstered by
the acquisition of Transfast in 2019, Mastercard enables its partners to better
respond to the challenges in a post-pandemic world by providing safe, convenient
ways to send and receive money nearly anywhere in the world.
Al-Mejhem added that this partnership stems from the recent developments in the
banking sector, where there has become an imperative that calls for our
investment in many of our digital channels to provide new and distinctive
services, especially for our customers, in order to meet their needs and to
complete all financial transactions instantly in a safe and fast manner.