Emirates NBD becomes the first bank in the UAE to launch Visa+ Simplifying International Money Transfers
Emirates NBD first bank in the UAE to launch Visa+ (Visa Direct Alias Directory) for its customers
Visa study: 73% of expats in UAE plan to send more money abroad, presenting a strong opportunity for digital remittances
Dubai, UAE: Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has partnered with Visa, a global leader in digital payments, to become the first bank in the UAE to launch Visa+ (Visa Direct Alias Directory) for its customers. This innovative service offers Emirates NBD's customers a more convenient, secure and faster way to send money to Visa cardholders within the GCC, reshaping the remittance and money transfer landscape in the UAE.
With Visa+, Emirates NBD customers can transfer funds easily to Visa cardholders in other GCC countries using an alias – either their mobile number or their 16-digit debit card number – eliminating the need to input the account or beneficiary bank details. According to Visa's annual Money Travels: 2024 Digital Remittances Adoption study, 50% of remittance users surveyed in the UAE reported encountering hidden fees when sending cash, checks, or money orders. Visa+ also addresses this pain point by offering a more transparent and cost-effective solution.
The initial phase of the partnership will focus on enabling seamless cross border transfers from customers of Emirates NBD in the UAE, QIB in Qatar, and from Bahrain Islamic Bank and Khaleeji Bank customers (through BenefitPay) in Bahrain. This strategic move marks the first step in building a broader ecosystem that will soon connect multiple banks across GCC markets, and eventually in Pakistan and EU countries, facilitating cross-border remittances for more senders and receivers globally.
The partnership comes as digital methods are rising in popularity among remittance senders in the UAE. In line with this trend, Visa+ is designed to meet the growing demand for digital remittances, with more than half (56%) of UAE users surveyed by Visa's Money Travels study indicating that they expect to use digital money transfers more often in the future. The study also revealed that 73% of remittance users in the UAE plan to send more money abroad, presenting a strong opportunity for digital remittances.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, commented: 'As a leading local bank committed to innovation and shaping the future of the UAE's digital economy, Emirates NBD is proud to strengthen our longstanding partnership with Visa. We are excited to be at the forefront of bringing Visa+ to the UAE, offering our customers a seamless and secure way to send money across the GCC. This launch reaffirms our commitment to delivering cutting-edge solutions that enhance convenience, security, and flexibility for our customers. By continuously evolving our offerings, we reinforce our leadership position in the UAE banking sector and set new benchmarks in digital payments.'
"At Visa, we are committed to enhancing the remittance experience for senders in the UAE. The launch of Visa+ with Emirates NBD will transform the way people send money and help reshape the entire remittance landscape in the region. This innovative service benefits not only the senders, but also the families, communities, and economies worldwide that rely on these vital funds," said Salima Gutieva, Visa's VP and Country Manager for UAE.
For financial institutions, enabling Visa+ can help create a better money movement experience—and improve protection of privacy—for both the sender and the receiver for a variety of use cases, including P2P (peer-to-peer payments), loan disbursements, and cross border remittances. Visa+ offers Visa's financial institution partners capabilities to expand their reach by connecting to an ever-evolving ecosystem of secure networks for an improved money movement experience for both financial institutions and their customers.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com
Burson
Dubai, UAE
Email: emiratesnbd@bm.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
Visa appoints Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa
Cairo – Visa (NYSE: V) today announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In his new role, the established Visa leader will be responsible for leading operations across more than 86 innovative and fast-growing markets. Visa's CEMEA operations today serve more than 1,800 clients from 23 local offices across the region. Mr. Muhmood brings more than 30 years of banking and payments experience to the role. He most recently served as head of Value-Added Services for Visa's Europe region, based in London, and originally joined Visa in 2019 as Group Country Manager for Southeast Asia, based in Singapore. Prior to joining Visa, Mr. Muhmood held senior leadership positions with Ahli United Bank, ANZ and HSBC. Mr. Muhmood will be based in Dubai, and will take on the role effective immediately, reporting to Oliver Jenkyn, Group President, Global Markets, Visa. Mr. Muhmood succeeds Andrew Torre, who was recently appointed as President of Visa's Value-Added Services business, which has rapidly grown into a $9B global business and has delivered annualized revenue growth of 20% since 2021. 'We are delighted to appoint a leader with Tareq's deep experience at the intersection of financial services, technology and high growth markets to lead Visa's fastest growing region and continue our journey to advance the future of digital payments across CEMEA,' said Mr. Jenkyn. 'During the course of his career, Tareq has worked in 13 countries, and brings unique global perspective, world-class leadership and a proven track record partnering with Visa's largest clients across diverse, complex and rapidly accelerating markets.' 'It is a great honor to lead the CEMEA region, and to continue the tremendous progress that has been made in transforming the future of payments, commerce and money movement across so many dynamic markets,' said Mr. Muhmood. 'Having spent more than a third of my career in the region, I am excited by the incredible opportunity to further expand digital payments amongst more consumers, merchants and economies. I look forward to working closely with our outstanding team to enable shared growth with clients and partners across the region.' About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
The National
2 days ago
- The National
Oil prices drop but on track to post a weekly gain fuelled by Israel-Iran air strikes
Oil prices fell on Friday but are on track to post a third consecutive weekly gain as air strikes between Israel and Opec member Iran stoked supply concerns in global markets. Brent, the benchmark for two thirds of the world's oil, was down 2.66 per cent at $76.75 a barrel at 10.33am UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 0.19 per cent lower at $75 a barrel. 'Oil prices have been the primary market expression of the dynamics of the current Israel-Iran war,' Edward Bell, acting group head of research and chief economist at Emirates NBD, said. 'Oil assets, whether production sites or export infrastructure or ships, have not been directly targeted in the exchange of fire between the two countries, but markets are nevertheless pricing in security of supply concerns.' Prices have been trading higher since the conflict broke out between Iran and Israel on June 13. Brent and WTI surged as much as 13 per cent in the first few hours of trading after the conflict began due to supply-related concerns. They settled around 8 per cent higher on the first day. Iran is the third-biggest producer of oil among the Opec group, with a total production of 3.3 million barrels per day. Concerns have also grown that the Strait of Hormuz, a key sea passage in the Arabian Gulf that helps oil tankers transport about 20 million barrels of oil and refined products every day, would be shut by Iran. US President Donald Trump said he will decide 'in the next two weeks' whether his country will join Israel's war on Iran, White House press secretary Karoline Leavitt said on Thursday. If the US joins the conflict, it is expected to further stoke tensions in the region and affect oil markets. 'Oil markets are accustomed to geopolitical risk and there is slack available in the market to absorb at least some of the anxiety over supply security,' Mr Bell said. He added that spare capacity within Opec+ is estimated at around 5 million barrels per day, 'though with the caveat that much of that capacity is reliant on access to the Strait of Hormuz to make it out to seaborne markets'. Spare capacity is the volume of production that can be brought on within 30 days and sustained for at least three months. Mr Bell also added there had been no material interruption to shipping in the Gulf region and oil continued to be exported from key market, including the UAE. "We're starting to hear impressive forecasts – as is always the case in escalation markets, with some pointing to a potential jump in crude prices to the $130–$150 per barrel range if Iran were to block oil and gas flows through the Strait of Hormuz, where 20 per cent of global supply transits," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. Citigroup analysts expect oil to spike to about $90 per barrel if the Strait of Hormuz is closed. However, a prolonged halt to shipping through the crucial waterway would be unlikely, Bloomberg reported, citing Citigroup analysts Anthony Yuen and Eric Lee.
Hi Dubai
2 days ago
- Hi Dubai
New Green Term Loan Secured for Galadari Sports Facility in Dubai
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has announced the successful completion of a new Green Term Loan Facility with Galadari Sports, part of Galadari Brothers, a leading Dubai-based conglomerate, to fund the construction of a new sports complex in the emirate. The state-of-the-art facility will be built to the strict rules and parameters of Dubai Municipality's Sa'fat Gold certification for green buildings, while funding for the project aligns with Emirates NBD's Sustainable Finance Framework. Located in the Al Quoz neighborhood, the complex is among only a few privately funded developments that are targeting Sa'fat Gold certification. A flagship project for Galadari Sports, once completed, it will help to set new standards in sustainability for recreational buildings and associated infrastructure. As a key part of securing funding through Emirates NBD's Sustainable Finance Framework and official Loan Market Association (LMA) Green Loan Principles, construction of the new complex will adhere to stringent protocols governing building processes and materials, while regular environmental monitoring and annual impact reports will assess its ongoing compliance. Once completed, the new green-certified community facility will feature swimming pools, gyms, squash and padel courts, with power and utilities provided by innovative and sustainable systems including solar panels and water recycling. Emirates NBD is committed to enabling the UAE's transformation into a green, low-carbon economy through initiatives such as its Sustainable Finance Framework. Part of a wide-ranging economic empowerment strategy, Emirates NBD's Sustainable Finance Framework is aligned with the aims of the United Nations Sustainable Development Goals (SDGs) and the UAE's Vision 2030 and Net Zero 2050 plans. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: This transaction between Emirates NBD and Galadari Sports is a clear and inspiring example of how sustainability-linked funding options continue to be a driving force in helping the UAE reach its Net Zero 2050 ambitions. The availability of new financing tools across sectors enables important collaborations between banking institutions and private companies, allowing for the creation of increased value through responsible, economically-empowering, and environmentally-friendly developments. Projects such as the Galadari Sports complex are at the forefront of a new wave of sustainable urban growth, with innovative green buildings – constructed according to the guiding principles of Dubai Municipality's Sa'fat Gold certification and aligned with Emirates NBD's Sustainable Finance Framework – providing essential services to communities. Mohammed Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: This state-of-the-art project reflects our continued commitment to advancing sustainable development in the UAE. By investing in energy-efficient infrastructure and embracing green finance, we are proud to support the nation's Net Zero 2050 agenda while delivering long-term value to our communities. Our partnership with Emirates NBD marks a significant milestone for Galadari Brothers and reinforces our belief in the power of responsible, future-focused development. As we expand our presence in the wellness and recreation sector, sustainability will remain a core pillar of our long-term vision and growth strategy. News Source: Burson Global
