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CBD and Hello Paisa announce partnership to facilitate money transfers

The partnership enables CBD customers to send money to more than 60 countries, starting with remittances to Pakistan using the CBD Mobile App or Online Banking Platform

Commercial Bank of Dubai (CBD) and Hello Paisa, a product of Daytona Capital Management Limited, a UK-based international money transfer company, on Friday announced an alliance that will facilitate real-time cross-border transaction flows between the UAE and the rest of the world.

Dr Bernd van Linder, chief executive officer of CBD, and Moosa Manjra, CEO of Hello Group signed the agrement at a ceremony held at the bank's head office in Dubai.

"With the transaction value in the UAE Digital Remittances segment projected to reach $6.32 billion in 2022, providing our clients with a safe, secure and simple method to transfer money globally is a key priority for CBD. We are delighted to partner with Hello Paisa to enable our customers to leverage a cutting-edge, custom-designed technology platform to seamlessly transfer money in real-time to bank accounts, cash pick-up locations and mobile wallets using the award-winning CBD Mobile App or CBD Online Banking platform," Dr Bernd van Linder, chief executive officer of CBD, said.

Sohail Nizami, executive director – EMEA, Prepaid & Remittances at Hello Paisa, said Hello Paisa is delighted to partner with CBD and support their customers to send money to more than 60 countries, starting with remittances to Pakistan using the CBD Mobile App or Online Banking Platform.

"We both strive to provide customers with a fast, easy, and secure payment experience. We believe this strategic partnership can lead to more innovation in the remittance service and create a hassle-free remittance journey for customers," he said.

— muzaffarrizvi@khaleejtimes.com