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Business Woman

Entrepreneurship, a path to greater future

According to the GEM (Global Entrepreneurship Monitor) survey showed that women’s entrepreneurship is a fundamental promoting factor of the inclusive economic growth in developing economies…reports Asian Lite News

Startup Reporter brings list of Indian Women Entrepreneurs on account of Women entrepreneurship Day 2022 to acknowledge the work and zeal these women has shown to achieve their dreams.

Entrepreneurship is the act of creating a business or businesses while bearing all the risks with the hope of making a profit. It is about transforming the world by solving big problems. Women Entrepreneurs can be defined as the process of initiating ventures led by one or more women and leadership initiatives in which women occupy high positions within leadership, company management and many more.

According to the GEM (Global Entrepreneurship Monitor) survey showed that women’s entrepreneurship is a fundamental promoting factor of the inclusive economic growth in developing economies. 17 per cent women are entrepreneurs and 35 per cent of the women aspire to become entrepreneurs. Over all this implies that over half of the women in developing countries see entrepreneurship as a path to a greater future.

In the modern era of globalization and liberalization, a revolutionized method has been invited with which the women population is being given more importance. Due to constant increase in living, it has become important for women to engage themselves in economic activities to stand as a support for their families. Women have been acting as a true entrepreneurs, taking risks, managing resources and accepting challenges to gain economic independence and establish their strong position in the society.

“We need to get women to the point where they aren’t apologizing. It’s time to take ownership in our success” -Tory Burch

The list of Indian Women Entrepreneur are as follows.

Vibha Narshana is the founder of Party and Travel Group also the founder of Partra Travel,cafes & villa. She is been awarded a Superwomen award by celebrity and community head. She also received the Nelson Mandela Award .

Shruti Aggarwal: is the founder of The Startuplab. Shruti Aggarwal is among such entrepreneurs, who with her experience and knowledge, is helping entrepreneurs in their startup journey and promoting the startup ecosystem She is a qualified Company Secretary, known for her strong analytical capabilities. Her vision to support thousands, her dedication and her knowledge to stand strong made her the founder of The Startuplab, a leading hub providing legal and business growth support to startups.

Archana Khosla Burman is the Founder of VERTICES PARTNERS, a leading niche corporate law firm on a fast track to becoming a full-service house that has a core specialization in Private Equity, Venture Capital and Mergers & Acquisition Transactions. The Firm has also on-boarded Regulatory & Secretarial Compliances, Real Estate, and Banking & Finance practices in 2022. Headquartered in Mumbai, VERTICES PARTNERS also has offices in Delhi NCR, Bengaluru, and Pune.

Samhita R is the Co-Founder and also the key driving force like the others behind Crowd Control Esports(CCE), who has built the brand from scratch. She is referred as the ‘SheSapien’ by team CCE, a hardcore gaming enthusiast, business architect of the brand and a growth hacker who brings in two decades of rich experience with her to the team

Rachana Chowdhary Founder Media Value Works is a global entrepreneur who manifests innovative methodologies to offer brand value to customers. Since the digital era has embraced international growth opportunities for businesses, whether large, small, or start-ups–content and digital marketing act as an impetus for growth in global markets

Shonell Thakkar is the founder of Diquery. She went with what destiny offered and made the best out of it. Having worked for brands like Disney UTV, 20th Century Fox, and Excel Home Entertainment, among others, this woman has a great variety in her content-expertise area. She filled a clean slate with the colors of integrity, discipline & sheer hard work. She is confident, unapologetic & truly sets an example for many.

Tanmai Paul is the Co-Founder and Head of Product at Bolo Live, a creator economy platform democratizing monetisation for content creators through interactive live streaming; empowering the fans to come closer to their favorite creators in live social gaming and entertainment categories.

Anshu Dhanuka is the co-founder & CEO of Kiddopia. She oversees content, design, product features, innovations and strategy. She has strong design skills and provides creative direction to the Kiddopia team. Anshu has a Master’s degree in Finance from Nottingham University Business School. With Kiddopia, her mission is to make screen time safe, healthy, and enriching for toddlers, at a time when digital media consumption is inevitable.

Anuja Kabra is the COO and Co-Founder of Skippi Icepops -India’s 01st ice pops brand that ensures 100 per cent Natural Flavours, Natural Colours, Natural Preservatives, and Natural Sweeteners. Anuja completed her school and college in Hyderabad, following which she relocated to Australia with her husband Ravi Kabra. While living in Australia, Anuja worked with multinational food brands handling production, NPD’s, compliance, and innovative manufacturing technologies.

Amritha Gaddam is the founder of the The Tribe Concepts. Amrithas love for research and constant innovation in order to push boundaries led her to launch a sister brand – The Tribe Veda in August 2022. The brand is India’s First Ever Ayush Certified Authentic-plant based solutions in the form of Kashaya Mixes and Herbal Teas as a one stop solution for a balanced wellness based lifestyle.

ALSO READ: Rising inflation: Should we be worried?

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Business

Rising inflation: Should we be worried?

Consumers cannot maintain their standard of living as inflation for their consumption basket could be higher than the interest rates that earn on their savings. Politicians could lose elections over high inflation…writes SANJEEV SHARMA 

A high rate of inflation hurts the poor, hits demand for consumer goods and adversely impacts investment demand.

Sandeep Bagla, CEO, TRUST MF, said that it is widely believed that inflation rate in any economy should be stable at low levels. If rates are too high and volatile, the borrowers cost of capital goes up, making them uncompetitive in the global business arena.

Bagla said high interest rates reduce demand for houses, cars, consumer goods as high EMIs prevent consumers from buying things on loan. Investment demand is also suppressed as new business projects become unviable.

High inflation hits the poor people harder as their income is low and they are not able to afford regular consumer items. For savers, optically the interest income rise, but inflation being high, their purchasing power is adversely impacted.

Consumers cannot maintain their standard of living as inflation for their consumption basket could be higher than the interest rates that earn on their savings. Politicians could lose elections over high inflation.

“So high inflation is neither good for borrowers nor investors. Governments try to maintain low positive inflation,” he said.

In India, RBI has taken a target to maintain inflation at 4 per cent plus minus 2 per cent, i.e., in a range of 2 per cent to 6 per cent.

Investment.

Inflation also reduces the effective value of savings.

Rachit Chawla, CEO, Finway FSC, said that inflation indicates a steady rise in the cost of living and means the value of money will decrease.

For savers, if the money is saved in cash, inflation will reduce the effective value of the saving as it will account to lesser quantity of goods. Also, during inflation, if an investor is saving money in the bank, the rate of interest he gets will be lower than the rate of inflation.

On the other hand, if a borrower has already owed money before the inflation, it can be beneficial for him/her, since s/he will have more money in their paycheck to pay off the debt.

Savers can stay safe from inflation as long as they are saving in an account which pays a positive real interest. Which means if the interest rate is higher than the inflation, savers would still become relatively better off. Only if someone is saving the money in cash, inflation can make him/her worse off.

Manoj Kumar Dalmia, Founder and Director, Proficient Equities, said the nation is experiencing a spiralling inflation that is driving up the cost of every vital commodity consumed by the populace.

The impoverished in rural and urban areas have an extremely tough time getting by because of this tremendous price load. Increased prices for atta, vegetables, edible oils, and cooking gas result from it.

Dalmia said for savers, if inflation is 6 per cent, you will need to save an additional 6 per cent to ensure that you have enough money saved to support all of your long-term financial objectives, including your dream home, your child’s education, your retirement, and a variety of other things.

For borrowers, if you take out a loan during an inflationary period, you will pay a higher interest rate. Because the cost of items will be greater, you will probably need to qualify for a larger loan amount for loans like a vehicle loan or mortgage, Dalmia said.

Vishal Chandiramani, Managing Partner – Products & COO, TrustPlutus Wealth, said while a moderate level of inflation is welcome in a growing economy, persistently high levels of inflation result in negative real returns for savers if the underlying investments do not generate returns higher than the rate of inflation.

As a result, savers may need to dip into the capital itself to meet their daily expenses. In the case of borrowers, high levels of inflation will lead to high interest rates and a result increased interest expenses on their borrowings.

ALSO READ: Black Friday online sales hit record billions

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Business

Black Friday online sales hit record billions

Consumers spent $72.2 billion online in October, 10.9 per cent more than they did in the month prior…reports Asian Lite News

People spent $5.3 billion in online shopping on Thanksgiving Day in the U.S., up 2.8 per cent from last year.

According to Adobe Analytics, mobile devices accounted for 55 per cent of all online shopping, up 8.3 per cent from a year ago.

“Thanksgiving this year has become an inflection point, where smartphones drove real growth and highlights how much these experiences have improved,” said Vivek Pandya, lead analyst, Adobe Digital Insights.

Consumers spent $72.2 billion online in October, 10.9 per cent more than they did in the month prior.

The spend is on par with what consumers spent last year ($72.4 billion in October 2021), where earlier deals also drove an uptick in early holiday shopping, according to Adobe Analytics.

Consumers were enticed by bargains in categories including electronics and toys, where discounts have been as high as 17 per cent and 15 per cent, respectively.

“Shoppers have also seen good deals for computers (10 per cent), with more modest discounts in categories like televisions (4 per cent), sporting goods (3 per cent) and furniture (2 per cent),” said the report.

Adobe expects the best deals to still happen around Cyber Week.

Adobe has predicted that Cyber Week will generate $34.8 billion in online spend this year, up 2.8 per cent on a year ago.

“Despite inflationary pressures and the rising cost of borrowing, there was not a material decline this year in early holiday shopping,” said Taylor Schreiner, senior director, Adobe Digital Insights.

“With over $72 billion spent online in October, e-commerce demand has shown itself to be durable and resilient, in spite of a challenging macroeconomic environment,” Schreiner added.

Hackers create fake websites

Threat actors are hosting websites for malicious campaigns centred around the Black Friday theme and e-commerce, cryptocurrency and travel are the top targets, a new report has revealed.

Researchers found cybercrime forums across various languages are rife with chatter about Black Friday.

While some actors are promoting their malicious services/campaigns, others are looking to avail them, according to CloudSEK researchers who also discovered an Ethereum giveaway scam website.

“Compromised personal identifiable information (PII) and banking credentials can be used to perform unauthorised transactions and social engineering attacks,” they warned.

CloudSEK’s contextual AI digital risk platform ‘XVigil’ discovered hundreds of Black Friday-themed domains registered and operational.

Common forms of attacks included the impersonation of legitimate websites, services for Google/Facebook ads, and the spread of malicious applications.

“Various elements come into play here, right from hosting a website to gaining critical information of victims by using different techniques. Threat actors are constantly looking for opportunities to siphon crucial data or money,” said Rishika Desai, Cyber Threat Researcher, CloudSEK.

The finding showed that website cloning is a common technique used by hackers of all levels of sophistication to host fake instances of legitimate websites.

“The iconic Black Friday sale has become a global theme now where cybercriminals at every level and expertise try their best to launch malicious campaigns. Most of these campaigns misuse or impersonate popular brands and companies providing sales and services to cheat the public,” Desai added.

The researchers advised to be aware of the freebies, attractive deals and seemingly suspicious third-party solutions.

ALSO READ: Tech giants to face closer scrutiny to curb fake reviews

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Business

Tech giants to face closer scrutiny to curb fake reviews

For ecommerce platforms, the new guidelines will ensure that negative reviews are not suppressed without reason thereby ensuring that other consumers will come to know of problems sooner…reports Nishant Arora

With the new Bureau of Indian Standards (BIS) guidelines coming into force to guard customers from fake online reviews of products, tech giants like Meta and Google, along with homegrown platforms like Zomato and Flipkart, will now face closer scrutiny of product reviews on their respective platforms.

The guidelines, prescribing specific responsibilities for the review author and the review administrator, went live on Friday and are now applicable to every online platform which publishes consumer reviews.

The new norms have been finalised by the BIS and came into being after the Department of Consumer Affairs received several complaints about fake reviews of products being posted by e-commerce companies on social media and their platforms.

“The new guidelines for online reviews are designed to drive increased transparency for both consumers and brands and promote information accuracy”, said Sachin Taparia, Founder of LocalCircles, the community platform who made the initial submission to the Department of Consumer Affairs and was part of the BIS committee drafting the guidelines.

As far as platforms like Google and Meta go, the new rules will require them to validate the real person behind the review through specified six-right mechanisms which means fake accounts created just for review writing will go away over time or won’t be able to be reviewed.



For platforms like Swiggy and Zomato, their reviews at restaurant level are partially transparent “but the process of food item level review is not transparent at all and will have to be designed accordingly”, Taparia told.

For ecommerce platforms, the new guidelines will ensure that negative reviews are not suppressed without reason thereby ensuring that other consumers will come to know of problems sooner.

According to the new set of guidelines, both consumers and suppliers/sellers have reported some problems with online reviews.

“These problems might be intentional or unintentional, but can lead to a degradation of trust in the online review process,” read the BIS document.

Some reported problems are false positive reviews written by the suppliers/sellers itself intending to mislead consumers and false negative reviews written by suppliers/sellers competitors intending to ward off consumers from the organisation.

According to Taparia, for travel platforms, it is common for hotels to invite bloggers and influencers for free stays and then get them to write a nice review but “going forward, the platforms will have to enable disclosure of such sponsored reviews so the consumer is aware”.

The guidelines will also have an implication of ratings of apps on Google Play Store and Apple App Store, where developers at times run paid campaigns to get their app rated 5-stars.

Apple and Google will now need to take undertakings about reviews from these app developers about sponsored ratings.

“There are several product review and rating websites/apps which just provide information and many times plant a negative review to attract brands. This will have to change as the guidelines will require them to make disclosures and identify the person rating,” Taparia noted.

The violation of new standards by any entity may be considered as an unfair trade practice or violation of consumer rights and a consumer may submit such grievances to the National Consumer Helpline or the Central Consumer Protection Authority (CCPA) under the Ministry of Consumer Affairs.

ALSO READ: Tesla may integrate Dolby Atmos in its cars

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Business Tech Lite USA

Tesla may integrate Dolby Atmos in its cars

Although it has been around for ten years, it was first integrated into movie theatres, then high-end home theatres, and now recently making it into cars…reports Asian Lite News

Elon Musk-run Tesla is reportedly working to integrate Dolby Atmos in its electric cars, to deliver better surround sound.

Dolby Laboratories created the surround sound technology called Dolby Atmos. According to the company, it is described as “expanding on existing surround sound systems by adding height channels, allowing sounds to be interpreted as three-dimensional objects,” reports Electrek.

Although it has been around for ten years, it was first integrated into movie theatres, then high-end home theatres, and now recently making it into cars.

In December last year, Tesla had released an annual holiday software update that turns its electric cars into megaphones by using external speakers that had been installed in vehicles.

The feature adds some voice effects to whatever you say, and that would be played to your surroundings through the external speakers.

The external speakers in Tesla cars repeat everything the driver says with a slight delay and with an echo and bass-heavy distortion.

ALSO READ-Tesla Model 3 to join Dubai Taxi fleet on trial basis

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Business

Meet the men behind Dhruva Space

Egoor is responsible for design and development of the space avionics, establishing key partnerships and collaborations with the industry, outlining the goals for R&D and laying down the technology roadmap of the company…reports VENKATACHARI JAGANNATHAN

Hyderabad-based satellite company Dhruva Space was founded in 2012 by four persons: Sanjay Nekkanti, CEO; Krishna Teja Penamakuru, COO; Abhay Egoor, CTO; and Chaitanya Dora Surapureddy, CFO.

Nekkanti is a B.Tech in Electronics and Telecommunications from SRM University and M.Sc in Space Science and Technology. He has worked in Comsat Systems, Exseed Space and also advises a couple of companies.

Penamakuru is a BE Computer Science graduate from Birla Institute of Technology and Science (BITS) Pilani and Masters in Computer Science from Arizona University, USA.

Starting his career as an intern at Transgraph Consulting in Hyderabad, Penamakuru has worked in TeamF1, Cisco, Savitri Aquamonk and then joined Dhruva.

Egoor, also an Electrical and Electronics engineer from BITS Pilani, had worked in Sirius Embedded Software Pvt. Ltd, and co-founded Thybolt in 2016.

At Dhruva, Egoor is responsible for design and development of the space avionics, establishing key partnerships and collaborations with the industry, outlining the goals for R&D and laying down the technology roadmap of the company.

On his part, Surapureddy is a BE and MSc from BITS Pilani who did his internship at NALCO, Ranbaxy, Grasim and then joined Jagadeesh Marine Exports, Safe Water Network and co-founded Thybolt (which was merged with Dhruva Space).

ALSO READ: IITF: Soren Invites Investors To Explore Opportunities in Jharkhand

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Business India News

IITF: Soren Invites Investors To Explore Opportunities in Jharkhand

The Soren said that the children of Jharkhand’s family, which could not get proper food in a day and donning national colours….rpeorts Asian Lite News

Jharkhand Chief Minister Hemant Soren invites investors to explore opportunities in the state. He was addressing the gathering Indian International Trade Fair (IITF) platform in New Delhi as Chief Guest.

 “Countrymen should come to Jharkhand. I would like to welcome all to Jharkhand and see the the natural beauty of the state which has tremendous potential to move forward. I am sure Jharkhand would leave you fascinated,” said the chief minister.

The Chief Minister said that tribals of the state are carving identity of their own in various sphere. 

 “Today, the tribals and natives of Jharkhand are engaged in creating their own distinct identity educationally, socially and politically and today there is a situation of competition everywhere. The Pragati Maidan in Delhi where I had come years ago during my studies, today I have come there as a guest,” said Soren.

MR HEMANT SOREN, CHIEF MINISTER OF JHARKHAND: “Countrymen should come to Jharkhand. I would like to welcome all to Jharkhand and see the the natural beauty of the state which has tremendous potential to move forward. I am sure Jharkhand would leave you fascinated.”

The Chief Minister said that the children of Jharkhand’s family, which could not get proper food in a day and donning national colours.

 “We have produced sportspersons who came from extremely poor conditions where having two meals a day is also a luxury and bringing laurels for the country. Today, the present government is engaged in grooming all those talented children,” said Mr Soren.

During the cultural program artists of Jharkhand enthralled everyone with folk performances of Paika, Panch-Parganiya, Mundari, Manbhum Chhau, Nagpuri dances at the Jharkhand Day celebrations.

ALSO READ: IITF 2018: Exhibitors rue lack of space, facilities

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Business Dubai UAE News

Transworld Group forays into Tanker segment

The purchase of two LR1 tankers, named TTC Vidyut and TTC Shakti, marks a new era in the 46 year history of the Group….reports Asian Lite News

Transworld Group Dubai taking a bold step to diversify away from its traditional business of feeder containerships and subsequent participation in the dry bulk segment has now ventured into the liquid bulk segment with purchase of 2 vessels of 74k DWT flying the Panama flag.

The purchase of two LR1 tankers, named TTC Vidyut and TTC Shakti, marks a new era in the 46 year history of the Group. The tankers which are trading in clean petroleum products will be employed on worldwide trades. The current strategy of the company is to focus East of Suez so the vessels will fix their initial voyages in the East, however long-haul moves to the West will be targeted basis market requirements.

Long Range (LR) class ships are the most common in the global tanker fleet, as they are used to carry both refined products and crude oil. These ships can access most large ports that ship crude oil and petroleum products. An LR1 tanker, meaning a Long Range tanker of about Panamax size, is capable of loading 55,000 mt of naphtha or 60,000-65,000 mt of distillates.

Mr. Ramesh Ramakrishnan, Chairman of the Transworld Group speaking on the occasion said “The acquisition of 2 Tanker Vessels is a testimony of our faith in the markets, our people, and our ability to grow and foray into new frontiers in the Shipping & Logistics Industry. This is a momentous milestone in the history of Transworld Group.”

The Group has decided to appoint the Navig8 Pool to manage the chartering activities for TTC Vidyut and TTC Shakti and vessels will be entered in the LR8 Pool which operates 14 tankers. This makes Navig8 one of the leading Pools for LR tankers in today’s market.

The vessels will be employed with a mixture of the large Trading Houses and Oil Majors. 

The Transworld Group also owns a fleet of 25 vessels in the container and dry bulk segment under the Orient Express Lines (OEL) and Shreyas Shipping Limited (SSL) brands. The company’s handy size bulk carriers operate under the Transworld Bulk Carriers (TBC) brand.

Established in 1977 and headquartered in UAE, today Transworld Group’s activities go far beyond those in container feeders, dry bulk and liquid bulk with 40 offices around the globe being involved in all kinds of maritime and logistics services.

Transworld Group is a Global Shipping & Logistics Solution conglomerate, operating through the strong network of more than 40 own offices worldwide, with over 1000+ experienced professionals. Established in 1977 and headquartered in the Jebel Ali Free Zone (Dubai, UAE), with its global offices combined with strong network partners around the world, Transworld offers a one-stop solution with over four decades of expertise to all its customers for their Shipping & Logistics needs. The activities of the group include Ship Owning & Management (Container, MPP, Bulk Carriers & Tankers), Supply Chain Management, Warehousing, Road Transportation, Air Freight, Freight Forwarding, Feeder Services, Liner and Shipping Agencies (Container, Bulk, Tankers, Break Bulk, Project Cargo etc.).

ALSO READ: Amazon, Lulu ink deal for seamless online shopping in UAE

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Business UAE News

Finance House unveils SME Loans against Gold

Finance House’s new gold loans will allow SME owners to borrow up to AED 1 million in cash, using gold as a collateral, whether in the shape of jewellery, coins or bars….reports Asian Lite News

Finance House, one of the UAE’s leading financial institutions, launched MENA’s first instant loan facility for Small and Medium-sized Enterprises (SMEs) in the UAE, against their gold holdings or gold-related investments.

While SMEs represent the vast majority of the UAEs businesses, securing a bank loan remains one of their biggest challenges and a major hurdle to their development. The aim of Finance House’s SME gold loan is to provide finance-seeking entrepreneurs with faster, easier and cost-effective access to liquidity to meet their various business needs.

Earlier in January 2022, Finance House also became MENA’s first licensed lender to offer gold loans to individuals across the UAE. Building on this experience and its now established expertise in the segment, the group has extended its offering by introducing a similar product line tailored to the specific needs of SMEs.

T.K. Raman, the CEO of Finance House, stated: “In the backdrop of evolving commodity markets, Finance House found an opportunity for customers to benefit from more favourable gold prices and get immediate money for the value of an otherwise idle asset, without having to sell it. We are extremely proud today to be pioneering another new segment in the UAE’s fast growing finance services sector, being the first licensed financial institution in the region to offer gold loans to both individuals and now also SMEs.”

Finance House’s new gold loans will allow SME owners to borrow up to AED 1 million in cash, using gold as a collateral, whether in the shape of jewellery, coins or bars. The value of gold at the time of its assessment determines the amount of money that can be borrowed.

Mr. Raman added: “This new product line reflects our determination, once again, to constantly innovate and provide creative, adaptable, and faster financial solutions that meet our customers’ unfulfilled needs in the market. SMEs are the backbone of the UAE economy and play a critical role in the development of our country’s private sector. Finance House is therefore committed to further supporting them by easing their access to resources to help them achieve their full potential, while strengthening the UAE’s financial ecosystem.”.

Gold loans by nature are backed by a secure and tangible asset, which makes them accessible to any type of customer, regardless of credit history, business plan, or development strategy, as long as the borrower can provide suitable gold as a collateral for the loan, and is registered in the UAE, either as an SME or as an individual. They also have typically lower interest rates than other business loans.

Finance House being a public shareholding company licensed and regulated both by The Central Bank of the UAE, and the Securities & Commodities Authority (SCA), the group’s gold loans are also significantly more secure for gold owners than similar credit options provided by unregulated players in the market.

Main features and advantages:

Finance House Gold loans offer multiple repayment options for periods varying between 6 and 48 months. Advantages include; Lower interest rates than other business loans, Faster access due to shorter processing times, No restrictions regarding the way the money should be used, Flexible and early repayment options, Basic documentation requirements AJD and Security of the gold – deposited in a licensed entity with appropriate insurance cover

In addition to gold loans, Finance House has been supporting SMEs since inception in 2004 with a variety of alternative financial solutions, including collateral fee financing, flexible payment periods of up to 48 months, competitive interest rates and business loans of up to AED 1 million. Earlier in November 2022, the group also partnered with Khalifa Fund for Enterprise Development to further facilitate access to financial services for SMEs owned by UAE Nationals.

ALSO READ: Amazon, Lulu ink deal for seamless online shopping in UAE

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Business PAKISTAN UAE News

Mashreq Bank signs strategic partnership with Bank Al Habib Pakistan

Mashreq’s QuickRemit service is now available to 40 global destinations…reports Asian Lite News

Mashreq Bank, one of the leading financial institutions in the UAE, has signed a strategic partnership with Bank Al Habib Pakistan to offer free remittance transfers from the UAE to Pakistan.

The collaboration will support Mashreq’s faster cross border payment product, QuickRemit, which was originally launched in 2017. Customers using the application will not be charged remittance fees when sending money to Pakistan.

Mashreq customers can also enjoy unprecedented benefits and significant cost savings, while sending instant money transfers at their convenience, from their home – via Mashreq’s online and mobile banking channels, in a safe and secure manner.

According to latest figures, the UAE hosts around 1.27 million Pakistanis, the second-largest Pakistani expat community in the world. The UAE is also the second largest source of remittance to Pakistan. Statistics from the State Bank of Pakistan revealed USD 474.3 million was sent in remittance payments from the UAE to Pakistan in September this year.

Kartik Taneja, Head of Payments, Mashreq, said: “Remittance payments play a vital role for the huge Pakistani diaspora living and working in the UAE as they send essential funds back home. We are delighted to partner with Bank Al Habib Pakistan to offer money transfers through our QuickRemit application, making the process as simple, seamless and secure as possible.”

Aun Ali, Group Head – Business of Bank AL Habib on this auspicious occasion commented: “I would like to congratulate both Bank AL Habib and Mashreq Bank team on this affiliation, which will help both organizations in serving Pakistani expatriates for instant, simple and secure transaction processing. Bank AL Habib continues to play a vital role in routing remittances through official channels and feels immense pleasure to provide our services in collaboration with Mashreq.”

Mashreq’s QuickRemit service is now available to 40 global destinations.

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