Emirates NBD, a leading bank in the region, announced today the launch of its 60 second DirectRemit service to Pakistan. DirectRemit, a money transfer platform that is considered the fastest in the UAE, allows Emirates NBD customers to remit money to Pakistan within a minute with zero remittance fees.
The direct bank transfer service enables Emirates NBD customers to perform Pakistani Rupee remittances to Faysal Bank accounts in Pakistan in less than 60 seconds, and transfers to other Pakistani banks within one hour. Faysal Bank is a leading bank with a footprint of over 270 branches across 80 cities in Pakistan. Customers of Emirates NBD can avail DirectRemit service to Pakistan via online banking channels.
Commenting on the launch of the service, Suvo Sarkar, General Manager – Retail Banking and Wealth Management, Emirates NBD, said: “Remittances by the Pakistani expat population in the UAE is the second largest source of remittance inflow to Pakistan, so the introduction of the DirectRemit service is an excellent value proposition to our Pakistani expatriate customers.
“We are confident that our Pakistani customers will take advantage of this unique facility, which enables them not only to transfer funds to their beneficiaries back home almost instantly, but also to pay their bills, insurance premiums and loan payments, through their bank accounts in Pakistan,” Sarkar added.
Commenting on this partnership, Khurram Gul Agha, Head IT and Transaction Banking, Faysal Bank Limited, said: “It gives us great pleasure to associate ourselves with Emirates NBD on this prodigious initiative. This first-movers advantage in Pakistan will help us achieve our commitment to improve services for our customers, enhance their experience and convenience by providing them a one stop solution for all their Banking needs.”
Money flows from the UAE are among the highest to Pakistan and other countries in South East Asia. According to recent World Bank estimates, Pakistan remittances amounted to US $17 billion from around the world.
The Direct Remit service is seen as a key component of Emirates NBD’s value proposition to its account holders. Since the launch of DirectRemit in 2014, the service has proven to be extremely successful, with an increasing number of the bank’s customers remitting money to India and Philippines via DirectRemit.
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. Currently, the Bank’s shares are listed on the Karachi, Lahore and Islamabad Stock exchanges. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’.
Faysal Bank’s footprint now spreads over 80 cities with more than 270 branches, with business assets in excess of PKR 350 billion, placing it amongst the top ten banks in Pakistan. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.
Emirates NBD is a leading banking Group in the region. As at 31st December 2014, total assets were AED 363 billion, (equivalent to USD 98.8). The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
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