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Mashreq NEO announces collaboration with Kotak Mahindra Bank

By Delisha Fernandes

September 04, 2023

  • Banking
  • digital account
  • financial news
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Mashreq NEO, Kotak Mahindra Bank, digital account, Non-Resident Indian, banking, financial news, FinTech news, FinTech UAE, FinTech IndiaMashreq NEO, has announced its collaboration with Kotak Mahindra Bank to enable seamless digital account opening for its Non-Resident Indian (NRI) customers in the UAE.

This collaboration enables Mashreq NEO’s UAE based NRI customers to digitally open an NRE account with Kotak Mahindra Bank in India, through a seamless process that can be completed within minutes.

With this integration Mashreq NEO customers can view their Kotak NRE account balance and remit funds from their Mashreq Neo account to the Kotak NRE account and benefit from the services and offerings of the two banks.

Fernando Morillo, Group Head of Retail Banking, Mashreq, said, “Our collaboration with Kotak Mahindra Bank underlines Mashreq Neo’s dedication to bridging borders and simplifying global financial interactions for our valued NRI customers. This partnership not only offers international banking convenience but is also a testament to our unwavering commitment to innovation, security, and customer-centricity. We believe that in this digital age, banking should be immediate, transparent, and effortless, regardless of geographic boundaries.”

The joint value proposition will be through host-to-host integration and will facilitate a seamless process that is fully digital, paperless and operates in real-time leading to instant account activation.

Mashreq customers can now open a Kotak Mahindra Bank NRE account simply by logging into their Mashreq Neo app and completing all the formalities online. Here, they can also view the balance of their UAE and Indian accounts, conduct money transfers to their NRE account, and enjoy competitive interest rates on their savings offered by Kotak Bank.

Virat Diwanji, Group President and Head Consumer Bank, Kotak Mahindra Bank, said, “Kotak Mahindra Bank is delighted to collaborate with Mashreq Bank by offering seamless digital account opening experience to their Non Resident Indian customers. This collaboration further strengthens our commitment to offer best-in-class digital banking services and products to customers across the globe. ”

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