Mashreq taps Federal Bank to serve Indians in UAE

Mashreq NEO, Mashreq Bank’s full-service neobank, has formed a strategic alliance with Federal Bank, a renowned financial institution in India, to allow Mashreq Neo’s Indian clients to open a Non-Resident account with Federal Bank in India using the Neo app.

Customers will be able to open accounts in real-time thanks to the new effort, which uses the Open Banking framework to ease the client onboarding process.

The collaboration of two major banks will provide unrivalled speed, convenience, and security in banking.

Clients will now be allowed to monitor the balance of their NR accounts with Federal Bank on the Mashreq Neo App and make instant transfers to India via the Quick Remit feature, in addition to having a smooth account opening experience.

Speaking about the initiative, Fernando Morillo – Group Head of Retail Banking at Mashreq, said: “We are extremely pleased to partner with Federal Bank and offer this innovative NRI service, which we think will delight our customers. It will be our constant endeavour to build on this offering and introduce more customer-centric innovations in the future.”