Mastercard & Dubai Islamic Bank to Transform Cross-Border Payments
Transforming the Landscape of International Transactions
Mastercard recently announced a strategic partnership with Dubai Islamic Bank (DIB) to launch cutting-edge cross-border payment services in an exciting development. This collaboration signifies the United Arab Emirates’ commitment to revolutionising its payment ecosystems, both locally and globally.
Expanding Horizons with Mastercard Cross-Border Services
Mastercard’s partnership with DIB harnesses the power of Mastercard Cross-Border Services, enabling the bank to offer real-time remittances through its digital channels to more than 40 countries worldwide. This innovative Mastercard-powered remittance solution empowers individuals and businesses to send and receive money globally quickly and conveniently.
Mastercard Cross-Border Services’ impressive capabilities include guaranteed exchange rates, full-value transfers without deductions, and transaction status tracking. These features are designed to reach 95% of bank accounts worldwide, ensuring a seamless and transparent cross-border transaction experience. Furthermore, this highly localised solution offers multiple payout options, including bank accounts, mobile wallets, and cards.
For the unbanked or underbanked, the cash payout option is also available through an ever-expanding global network of cash pickup locations, currently numbering around 350,000.
Enhancing Customer Experience and Global Reach
Dr Adnan Chilwan, Group CEO of DIB, emphasised the bank’s commitment to building a seamless payment infrastructure that adheres to the highest international standards. He highlighted how this partnership enhances DIB’s cross-border payment services by integrating customer-facing mobile apps and online platforms with Mastercard. This integration ensures secure and efficient transfers across the extensive network of geographies where Mastercard operates.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, expressed the company’s dedication to providing fast, secure, and affordable international fund transfers. He expressed optimism about this being the beginning of a long and productive partnership between Mastercard and DIB.
Mastercard’s Expanding Presence in the UAE
This partnership builds upon Mastercard’s growing presence in the UAE. Just recently, First Abu Dhabi Bank collaborated with Mastercard to launch the SlicePay card, powered by Mastercard’s Installments Program. In August, Mastercard established a global centre for advanced AI and cyber technology in Dubai. This centre focuses on enhancing AI capabilities and readiness in the region, particularly battling financial crime and securing the digital ecosystem.
The memorandum of understanding between Mastercard and the UAE’s Artificial Intelligence, Digital Economy & Remote Work Applications Office also looked to create a co-branded innovation hub in Dubai. This hub aims to foster cooperation in digital innovation and artificial intelligence technologies, attracting international technology companies, startups, and digital talent to Dubai in collaboration with government entities like the Dubai Digital Authority, Dubai Future Foundation, and Dubai Chamber of Commerce.
A Bright Future for Cross-Border Payments
This strategic partnership between Mastercard and Dubai Islamic Bank represents a significant step towards a more connected, efficient, and secure cross-border payment landscape. As the UAE continues to evolve its payment ecosystems and regulations, partnerships like this one are set to play a pivotal role in shaping the future of international transactions.
About Mastercard and Dubai Islamic Bank
Mastercard is a global technology company in the payments industry dedicated to making transactions safe, simple, innovative, and accessible across more than 210 countries and territories. Dubai Islamic Bank (DIB) is the most prominent Islamic bank in the UAE, listed on the Dubai Financial Market. DIB is also the world’s first full-service Islamic bank and the second-largest Islamic bank globally, with a vast global network serving over 5 million customers.
Both entities are committed to driving innovation and inclusivity in the financial industry, paving the way for a brighter future in cross-border payments.
