Emirates NBD becomes the first bank in the UAE to launch Visa+ Simplifying International Money Transfers
Emirates NBD first bank in the UAE to launch Visa+ (Visa Direct Alias Directory) for its customers
Visa study: 73% of expats in UAE plan to send more money abroad, presenting a strong opportunity for digital remittances
Dubai, UAE: Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has partnered with Visa, a global leader in digital payments, to become the first bank in the UAE to launch Visa+ (Visa Direct Alias Directory) for its customers. This innovative service offers Emirates NBD's customers a more convenient, secure and faster way to send money to Visa cardholders within the GCC, reshaping the remittance and money transfer landscape in the UAE.
With Visa+, Emirates NBD customers can transfer funds easily to Visa cardholders in other GCC countries using an alias – either their mobile number or their 16-digit debit card number – eliminating the need to input the account or beneficiary bank details. According to Visa's annual Money Travels: 2024 Digital Remittances Adoption study, 50% of remittance users surveyed in the UAE reported encountering hidden fees when sending cash, checks, or money orders. Visa+ also addresses this pain point by offering a more transparent and cost-effective solution.
The initial phase of the partnership will focus on enabling seamless cross border transfers from customers of Emirates NBD in the UAE, QIB in Qatar, and from Bahrain Islamic Bank and Khaleeji Bank customers (through BenefitPay) in Bahrain. This strategic move marks the first step in building a broader ecosystem that will soon connect multiple banks across GCC markets, and eventually in Pakistan and EU countries, facilitating cross-border remittances for more senders and receivers globally.
The partnership comes as digital methods are rising in popularity among remittance senders in the UAE. In line with this trend, Visa+ is designed to meet the growing demand for digital remittances, with more than half (56%) of UAE users surveyed by Visa's Money Travels study indicating that they expect to use digital money transfers more often in the future. The study also revealed that 73% of remittance users in the UAE plan to send more money abroad, presenting a strong opportunity for digital remittances.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, commented: 'As a leading local bank committed to innovation and shaping the future of the UAE's digital economy, Emirates NBD is proud to strengthen our longstanding partnership with Visa. We are excited to be at the forefront of bringing Visa+ to the UAE, offering our customers a seamless and secure way to send money across the GCC. This launch reaffirms our commitment to delivering cutting-edge solutions that enhance convenience, security, and flexibility for our customers. By continuously evolving our offerings, we reinforce our leadership position in the UAE banking sector and set new benchmarks in digital payments.'
"At Visa, we are committed to enhancing the remittance experience for senders in the UAE. The launch of Visa+ with Emirates NBD will transform the way people send money and help reshape the entire remittance landscape in the region. This innovative service benefits not only the senders, but also the families, communities, and economies worldwide that rely on these vital funds," said Salima Gutieva, Visa's VP and Country Manager for UAE.
For financial institutions, enabling Visa+ can help create a better money movement experience—and improve protection of privacy—for both the sender and the receiver for a variety of use cases, including P2P (peer-to-peer payments), loan disbursements, and cross border remittances. Visa+ offers Visa's financial institution partners capabilities to expand their reach by connecting to an ever-evolving ecosystem of secure networks for an improved money movement experience for both financial institutions and their customers.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com
Burson
Dubai, UAE
Email: emiratesnbd@bm.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
5 hours ago
- Zawya
Mideast Stocks: Most Gulf markets gain as investors eye US-China talks
Most stock markets in the Gulf ended higher on Tuesday, tracking gains in global equities as investors looked for progress in U.S.-China trade talks that could ease tensions between the world's two largest economies. U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers. World stocks, as reflected by the MSCI All-Country World index, traded near record highs, while the dollar steadied against a range of currencies. Dubai's main share index rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD. The bourse's gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze. "Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains." In Abu Dhabi, the main index finished 0.5% higher. Oil prices - a catalyst for the Gulf's financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly. The Qatari index advanced 1.3%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, with Talaat Moustafa Group Holding rising 2.5%. ** The Saudi and Bahrain bourses remained closed due to a public holiday. Abu Dhabi up 0.5% to 9,796 Dubai added 0.1% to 5,599 QATAR rose 1.3% to 10,697 EGYPT gained 0.7% to 32,904 OMAN was up 0.1% to 4,582 KUWAIT added 0.8% to 8,925 (Reporting by Ateeq Shariff in Bengaluru; Editing by Emelia Sithole-Matarise)
Arabian Post
11 hours ago
- Arabian Post
Emirates NBD Targets A$10-Year Kangaroo Bond Amid Strong Investor Demand
Emirates NBD, the UAE's second-largest bank by total assets, has initiated a mandate for a possible 10-year fixed-rate 'Kangaroo' bond denominated in Australian dollars under its A$4 billion Kangaroo Debt Issuance Programme. The bank is seeking indications of interest at initial price thoughts of about 195 basis points above the relevant asset swap rate, aiming to meet growing appetite among institutional investors for high-quality yield. The bond is expected to carry a credit rating of A1/A+ from Moody's and Fitch respectively, matching those of the issuer. The bond would be senior unsecured debt with an indicative coupon of around 6.00%, pricing in line with a potential yield of approximately 6.05%. The issuance is scheduled for pricing on 11 June, with Emirates NBD Capital, Mizuho and Nomura appointed as joint lead managers and bookrunners, signalling robust global distribution capabilities. Australia's Kangaroo market, known for inviting foreign issuers to raise AUD-denominated funding, continues to attract significant interest from international banks seeking to diversify investor bases. Emirates NBD previously tapped this market in February 2023, successfully raising A$450 million with a 10-year bond at a coupon of 6.1%, which translated to a yield of 6.122%, with lead syndicate roles shared by ANZ, Emirates NBD Capital, JPMorgan and Nomura. ADVERTISEMENT Emirates NBD's decision aligns with broader shifts in global capital markets, where yield-seeking investors have increasingly turned towards emerging markets and non-domestic issuers. With global central bank rates remaining elevated by historical standards, the return profiles for emitters such as Emirates NBD remain competitive and compelling relative to their credit quality. In issuing under its A$4 billion programme, Emirates NBD gains operational efficiency and flexibility, enabling quicker access to Kangaroo debt markets across multiple tranches and tenors. This is increasingly important as the bank seeks to balance its funding mix and hedge foreign exchange exposures, while also responding to investor demand for Australian dollar-denominated debt. The joint appointment of Emirates NBD Capital, Mizuho and Nomura suggests a balanced distribution strategy spanning Middle Eastern, Asian and Australian investor bases. Mizuho and Nomura bring strong regional connections, while Emirates NBD Capital reassures existing institutional clients and opens up Gulf-based connections. These partners typically assist in roadshows and investor education, critical to achieving desired guidance levels within a tight spread band. The announced IPT of ASW +195 is slightly tighter than previous placements, including the +200 bps initial range for the issuer's 2023 Kangaroo issuance. That earlier deal priced at about +190 bps over semi-annual swaps, reportedly oversubscribed and closed near the high of guidance at +190 bps. This signals both confidence from investors and the bank's ability to leverage its credit rating improvements and market familiarity among bond buyers. Emirates NBD's credit ratings—A1 from Moody's and A+ from Fitch—are stable and investment grade, contributing to investor trust. The structure of the bond, senior unsecured, ensures it ranks equally with the bank's other senior debt instruments, offering a transparent risk profile. This clarity is increasingly valuable in a fragmented global debt landscape. ADVERTISEMENT From a broader perspective, the Kangaroo bond market remains an attractive source of funding for non-Australian issuers. Despite global economic uncertainty and central banks in developed markets maintaining restrictive stances, Australia continues to offer a relatively deep and liquid market for AUD debt issuance. Borrowers such as Korean and UAE banks, supranationals, and corporate issuers have consistently returned to Kangaroo markets, with transactions spanning green and social bond categories. The presence of repeat issuers, like Emirates NBD, demonstrates the market's capacity to absorb benchmark-sized offerings and incentivises future jumbo deals. The bond's expected settlement date coincides strategically with market calm, ahead of potential volatility later this month. It allows the issuer to lock in yields and spreads before any shifts by the Reserve Bank of Australia or international central banks may influence market tone. Market participants note that Kangaroo bond spreads have tightened modestly year‑to‑date, reflecting a combination of steady demand for AUD assets and limited supply, as domestic issuers remain cautious about issuance volumes. Investors are closely analysing the macro backdrop as well. With Australia's inflation rate cooling but still above target, and rate cuts yet to be firmly priced, the yield curve remains attractive. At the same time, credit spreads for Gulf-based issuers have narrowed following positive ratings actions earlier in 2025—including recent upgrades to Emirates NBD's long-term foreign-currency rating by Moody's and reaffirmation from Fitch. Emerging-market bond funds and Australian institutional investors have strengthened allocations to foreign bank bonds over the past two years, partly driven by yield differentials. The A$ mandate from Emirates NBD therefore arrives at a juncture when sources of long-dated, investment-grade AUD debt remain limited: Australian domestic issuers primarily focus on shorter tenors, while many supranationals have paused issuance. Within that context, the expected coupon of 6.00% positions Emirates NBD within line with peer Gulf and Asian issuers, though still appealing versus domestic equivalents. The pricing strategy—fixed coupon yielding slightly above the indicative spread—indicates modest downward flexibility built into the range, suggesting confidence in investor appetite. The syndication strategy also reflects a desire to balance pricing certainty with market reach. As joint bookrunners, Emirates NBD Capital, Mizuho and Nomura will engage with global buy‑side accounts, including Australian super funds, asset managers and credit hedge funds looking to overlay returns in a higher‑yield environment. Observers view this Kangaroo issuance as both a statement of strategic intent by Emirates NBD and a confirmation of investor trust in the bank's creditworthiness. By revisiting the 10-year tenor after a two-year hiatus, the bank signals comfort with reengaging long-term markets amid evolving economic trends. Prospective investors will closely monitor investor feedback during this week's marketing phase. A well-received launch—evidenced by an oversubscription or tightening of final pricing to below the IPTs—may encourage further Kangaroo tranches later this year, potentially expanding tenor or volume.
Zawya
12 hours ago
- Zawya
Mideast factors to watch on June 10
Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks rise, dollar tentative ahead of US-China talks outcome * Oil up as market watches US-China trade talks * PRECIOUS-Gold falls as traders watch US-China trade talks in London * MIDEAST STOCKS-UAE shares end higher as outcome of US-China trade talks awaited * OPEC oil output rises in May but compensation cuts limit hike, Reuters survey finds * Iran to present counter-proposal to US, Trump says talks to resume UNITED ARAB EMIRATES * Etihad And Ethiopian Airlines Start Strategic Codeshare Partnership * Emirati businessman Khalaf Al Habtoor to visit Syria to explore investment opportunities, group says * Emirates NBD Partners With Siemens To Boost Financing For Green Infra Projects SAUDI ARABIA * Saudi crude oil supply to China to dip in July, sources say * Saudi Arabia's first-quarter GDP grows by 3.4%, beating flash estimates ISRAEL * Bank of Israel MPC voted 5-0 to hold rates over inflation concerns * UN says most flour delivered in Gaza looted or taken by starving people * Italy and Israeli Paragon part ways after spyware affair IRAN
