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SINGAPORE and DUBAI, United Arab Emirates, June 24, 2020 /PRNewswire/ -- Commercial Bank of Dubai, one of the leading national banks in the UAE, and global cross-border payment provider Thunes announced a partnership that will facilitate real-time cross-border transaction flows between the UAE and the rest of the world.
Through this partnership with Thunes, Commercial Bank of Dubai will be able to cater to corridors such as India, Philippines, Pakistan and Bangladesh providing customers with real-time remittance to bank accounts, mobile wallets and cash pick-up services at various locations. The service will be launched with remittances to bank accounts whilst remittances to cash-pick up locations and mobile wallets will be added shortly. According to the Central Bank of the UAE in 2019, AED 165 billion was sent back by migrant workers to their home countries from the UAE, with India, Pakistan and the Philippines being the top 3 destinations of remittances from the UAE.
With this new offering, CBD' customers can transfer money in real-time to India, Bangladesh, Philippines and Pakistan, conveniently, quickly and securely using the award-winning CBD Mobile App or CBD's online banking platform. With more countries to follow, the partnership is a strong testament to the hard work and dedication of both teams to improve the customer experience for remittance solutions in UAE.
"We are delighted to partner with Thunes, enabling us to optimize and streamline our processes with a single API to remit money to many countries. This is firmly in line with CBD's default digital strategy to provide customers with innovative and technological products and services to enrich their banking experiences and make banking more seamless and convenient," commented Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.
"We are glad to partner with Commercial Bank of Dubai and join them on their innovative path to become a digital-first bank in UAE. Bringing more services for banks and unlocking opportunities for their customers is part of our mission and we are delighted to offer many remittance destinations for CBD," noted Peter De Caluwe, CEO at Thunes.
About Thunes
Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai and New York.
For more information, visit www.thunes.com
About CBD
Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.
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