News

United Overseas Bank Limited has partnered IndusInd Bank to offer an affordable and convenient way to remit money to India. The tie-up will enable corporate customers to send money from Singapore to over 60,000 branches of different banks across India. The solution will enable employers to send money to India on behalf of their non-resident Indian employees via UOB’s secure and efficient banking channel. This assures workers that their hard-earned wages are sent quickly and safely to their loved ones in India at an affordable standard flat fee regardless of which beneficiary bank it may be. This solution will also benefit companies who need to make high volume Rupee payments to India. Mr Linus Ng, UOB’s Head of Product & Implementation, Group Transaction Banking, said, “We believe UOB is the first bank to offer such a service in Singapore. As a premier regional bank, the Bank is at the forefront of product innovation in meeting market needs. We provide our customers pan-Asia solutions on an end-to-end basis to ensure faster turnaround time, lower cost/pricing and better management of transactions. It is with this in mind that UOB Direct Pay was developed.” He added, “We have invested in the technology to support this new solution which allows multiple remittance instructions to be sent in a single payment file to UOB. The solution will be rolled out in the region and will also be expanded to cover the other payment corridors, to potentially cater to the needs of the more than one million foreign workers in Singapore via their employers.” “Having established ourselves as a major player in remittances from the Middle East, we are now keen to reach out to non-resident Indians across other major markets. This arrangement with UOB will help us tap into India-bound flows from Singapore”, said Mr. Ramesh Ganesan EVP & Head Transaction Banking, IndusInd Bank, from Mumbai. Over the years, UOB Group Transaction Banking has established its leadership position in the market, winning accolades such as the coveted Asiamoney Best Local Cash Management and Best Local Currency Cash Management Services for the past three years.