Emirates NBD to Revolutionize Saudi Cross-Border Payments
The UAE, a global leader in remittances, has seen outbound flows surpass US$50 billion in 2023. This significant figure, driven largely by expatriates who constitute nearly 90% of the UAE's population, underscores the demand for faster and more affordable international transfers.
Emirates NBD, a key player in the region's financial landscape, is set to revolutionize cross-border payments in Saudi Arabia. The bank, subject to regulatory approval from the Saudi Arabian Monetary Authority (SAMA), aims to introduce real-time payment services. Yousuf Saeed Mohd, Group Head of Priority and Personal Banking and Retail Banking Sales at Emirates NBD, stressed the bank's commitment to driving innovation in this sphere.
This move comes on the heels of a successful partnership between Nium and Emirates NBD. Anupam Pahuja, Chief Revenue Officer at Nium, highlighted the collaboration's impact, enabling real-time money movement from the Middle East to the global stage. Building on this success, the partnership has been extended to Emirates Islamic Bank, expanding real-time payout access across the UAE.
With expatriates accounting for a substantial portion of the UAE's population, the demand for swift and cost-effective international transfers is evident. Emirates NBD's planned launch of real-time cross-border payments in Saudi Arabia, coupled with the expanded partnership with Emirates Islamic Bank, signals a significant step forward in meeting this demand.
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