Commercial Bank of Dubai Partners with Xpress Money to expand its international remittance services

August 6th, 2019: Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, recently partnered with International money transfer organisation, Xpress Money, a Finablr company, to offer remittance solutions to Pakistan and Philippines for the bank’s customers in the first phase. This partnership is facilitated by Xpress Money’s business solution “ FLEX.

The partnership agreement was signed by Amit Malhotra, General Manager - Personal Banking Group, CBD, and Sudhesh Giriyan, CEO of Xpress Money along with senior executives from both organisations at a ceremony held at the CBD Head Office in Dubai.

Through this partnership, customers of Commercial Bank of Dubai can now process cross-border remittances to their beneficiary’s bank account in Pakistan and Philippines using the bank’s online banking platform and mobile banking app - CBD Mobile. These transfers will offer customers convenience, speed and great rates. In addition, the bank is running a special promotion whereby customers can get their first 3 remittances for free.

These transfers initiated by CBD customers will be quickly credited to the target bank account using state-of-the-art Xpress Money FLEX platform, a flexible and compatible solution available to businesses seeking to venture into the remittance industry. Xpress Money has consistently focused on developing partnerships that bring new money transfer channels to customers.

Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said: “In line with the bank’s strategy to offer customers a seamless banking experience, we are now focusing on strategic partnerships to grow the bank’s remittance footprint. We are happy to partner with Xpress Money to extend our remittance service into new corridors. This will help the expat community in the UAE transfer money securely, quickly and conveniently to their loved ones back home.

Amit Malhotra, General Manager “ Personal Banking Group, Commercial Bank of Dubai, said: “At CBD, we are constantly working on enhancing our products and services to cater to our customers’ financial needs. Our partnership with Xpress Money will enable us to provide a holistic remittance experience to our customers, through our award-winning online and mobile banking platforms. This agreement will hugely improve the time taken for remittance transactions to Pakistan and Philippines using state-of-the-art Xpress Money FLEX platform, which is a secure online money transfer platform.

Talking about this partnership, Sudhesh Giriyan, CEO, Xpress Money said, “As the UAE remittance landscape continues to make headway within the realm of digital remittances, collaborating with banks proves catalytic for our business growth. Partnering with Commercial Bank of Dubai will further set the stage for our growth and expansion. This partnership promises a positive outlook as business is expected to scale across corridors and accelerate our reach among customers. We are confident our remittance solutions will add value to our banking partners and their customers.

About ‘Xpress Money’:

Incorporated in 1999, 'Xpress Money' is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. 'Xpress Money' provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money's state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

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