Commercial Bank of Dubai partners with Thunes for remittances
Commercial Bank of Dubai (CBD) has partnered with cross-border payment provider, Thunes, to provide real-time transactions outside of the UAE.
The deal will enable CBD to operate via payment corridors in India, Philippines, Pakistan and Bangladesh.
The service will be launched with remittances to bank accounts, and to pick-up locations which will be added “shortly”.
CBD customers can send money “in real-time” via the CBD mobile app or the bank’s online banking platform. The bank is planning to expand into new markets going forward.
Remittances from the UAE hit more than $21 billion in the first half of 2019. 37% of the total was sent to India, with 10% headed to Pakistan, and 7% to the Philippines.
“We are delighted to partner with Thunes, enabling us to optimise and streamline our processes with a single API to remit money to many countries,” says CBC chief executive officer Bernd van Linder.
“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.”
Founded in 1969, CBD is the seventh-largest bank in the UAE. The bank holds more than $23 billion in assets, and in 2019 accrued a net income of $381 million.