JAKARTA — Migrants in the United Arab Emirates will soon be able to send money home faster and cheaper through a new partnership between Thunes and Mashreq.

Mashreq, one of the UAE’s oldest banks, said the integration is designed to improve access to formal remittance channels for the country’s large migrant workforce, many of whom rely on regular cross-border transfers to support families back home.

The tie-up uses Thunes’ Direct Global Network to link Mashreq customers directly to mobile wallets across Asia, Africa and Europe. The service will first cover the bank’s top 30 remittance corridors before expanding to additional markets.

With the UAE expected to process around USD 47 billion in outward remittances this year, quicker wallet-to-wallet transfers could benefit major worker communities from India, Pakistan, Bangladesh, the Philippines, Nepal and parts of East Africa.

Mobile wallets are already the preferred cash-out method in many of these countries, and nearly four out of five migrants from APAC markets now use digital channels to send or receive money.

“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,” the company said.

Thunes said the partnership will reduce both time and cost by removing multiple intermediaries, which the World Bank estimates can push remittance fees to about 6 per cent on a USD 200 transfer.

Mashreq also said that customers will soon be able to send money instantly to about 45 additional mobile wallet destinations.