UAE Exchange To Offer MoneySend Service For Philippines Funds Transfers

September 28, 2010, 3:19 p.m. EDT 1 Min Read

UAE Exchange Inc. has signed an agreement with MasterCard Worldwide to offer MasterCard’s MoneySend service in the United Arab Emirates for outbound remittances to the Philippines, according to the Dubai-based remittance and foreign exchange provider.

MoneySend is a person-to-person funds-transfer service that enables financial institutions to use the MasterCard network to facilitate domestic and cross-border remittances.

UAE Exchange will use the MoneySend platform to offer cardholders a way to send funds directly to recipients’ MasterCard debit or credit card accounts in the Philippines, the company says. The service will launch by the end of this month, when the company will disclose the fees charged for the service.

Recipients may withdraw the funds from ATMs, use them directly for purchases at any merchants that accept MasterCard, or pay their credit card bills.

UAE Exchange says it will offer the service in the United Arab Emirates for outbound remittances to the Philippines through its 85 branches across the country. The company has operations in 22 countries, including the Philippines, and manages a customer base of 3.5 million.

What do you think about this? Send us your feedback. Click Here.

For reprint and licensing requests for this article, click here.

Payment processing

MORE FROM AMERICAN BANKER

Litigation

CFPB tees up second funding battle with Supreme Court

Now that the Consumer Financial Protection Bureau has refused to request funding from the Federal Reserve System, many experts see the case making its way to the Supreme Court.

By Kate Berry

November 27
M&A

Pinnacle, Synovus expect Jan. 1 closing after Fed's approval

The two regional banks, which are combining in a merger of equals, had previously said they expected to complete the deal sometime in the first quarter of 2026.

By Kevin Wack

November 26
U.S. Bancorp

U.S. Bank is testing stablecoin issuance on Stellar network

The bank is a step closer to having its own U.S. dollar-pegged cryptocurrency. It could become the first major financial institution to issue a stablecoin.

By Penny Crosman

November 26
Federal Reserve

Does the Fed have an ethics problem?

Recent high-profile ethics violations by senior Federal Reserve officials, including new revelations concerning stock trades by former Fed Gov. Adriana Kugler, have sparked debate over the effectiveness of the central bank's oversight, even as some observers stress such cases remain rare.

By Maria Volkova

November 26
Cross border payments

Klarna's crypto and shopping moves; EMV for agentic payments

The Swedish financial technology firm issued its first stablecoin and signed a gift card distribution deal with BlackRock. Also, EMVCo is examining AI's impact on processing and more in the American Banker global payments and fintech roundup.

By John Adams

November 26
Employment data

Bank jobs hit lowest level since prior to pandemic: Report

U.S. commercial banks and savings banks have reduced employment by nearly 81,000 since the first quarter of 2023, including a net loss of 7,463 positions during the third quarter of this year, according to a new report from KRBA Financial Intelligence. Big banks, which have been embracing artificial intelligence, were big contributors to the decline.

By Allissa Kline

November 26