Mashreq, a leading financial institution in the MENA region, is partnering with Thunes, the global cross-border payments provider, to enable real-time mobile wallet payouts for millions of its customers. The collaboration will leverage Thunes’ trusted Direct Global Network to deliver instant and more affordable international transfers across key growth markets in Asia, Africa, and Europe.
This alliance marks a major step in transforming cross-border payments in the UAE, the world’s second-largest remittance hub, where outward flows are projected to hit USD $47billion in 2025. The service will initially cover the bank’s top 30 payment corridors and is set to expand to additional countries over time.
Unlocking wallet connectivity and financial inclusion
The partnership directly addresses the rising demand for mobile wallet connectivity, as mobile wallet users are projected to exceed five billion globally in the next few years. By joining Thunes’ network, Mashreq can now connect directly to mobile wallets across nearly 45 new destinations.
Kartik Taneja, head of payments & consumer lending at Mashreq, stressed the critical nature of this capability. “With mobile wallet users projected to exceed five billion globally in the next few years, this capability is critical to serving our customers in key growth markets and driving greater financial connectivity,” Taneja said. He added that Mashreq is redefining what is possible in international payments and is proud to be leading this transformation.
The collaboration is significant for the UAE’s remittance market, as it paves the way for faster, more transparent, and efficient cross-border payments. The move advances digital banking innovation, making global money movement more seamless and inclusive for individuals and businesses.
Global reach meets regional strength
The alliance strengthens Thunes’ position in the Middle East by welcoming Mashreq as a member of its Direct Global Network, which connects to over 7 billion mobile wallets, stablecoin wallets, and bank accounts worldwide.
Simon Nelson, chief commercial officer at Thunes, highlighted the strategic fit. “This alliance further strengthens our position in the Middle East, amplifying our mission to enable more consumers to take part in the global economy through instant, borderless payments,” Nelson commented. He noted that Thunes provides the secure and reliable network needed to move money with confidence, trusted by leading banks and financial institutions worldwide.
Together, Thunes and Mashreq are enabling a new wave of payment innovation and connectivity that will reshape how money moves worldwide.
