Category: FinanceLogo
Posted Apr 10, 2018 08:19 (GMT +7)


EMQ Partners with Kotak Mahindra Bank to Boost International Remittances into India

HONG KONG & MUMBAI, India--(BUSINESS WIRE)--Apr. 10, 2018

EMQ, a fintech innovator with an extensive financial settlement network in Asia today announced a strategic partnership with Kotak Mahindra Bank (Kotak) to expand EMQ’s network footprint in India. This partnership will aid in meeting the growing demand for instant remittances to the country from over 16 million Indians residing abroad.

Max Liu, Co-founder and CEO of EMQ said, “India is one of the most important strategic growth markets for EMQ as it is the largest recipient of remittances in the world with US$65 billion currency flow into the country in 2017, according to the World Bank. Our partnership enables us to provide more accessible and affordable financial services to the millions of Indians based overseas and their families across India.”

Virat Diwanji, Sr. EVP & Head – Branch Banking & Acquisitions, Kotak Mahindra Bank said, “Remittances play a vital role in contributing to India’s economic growth and there is a great demand among our customers for international remittances. Our partnership with EMQ will complement our offerings and further strengthen our capabilities in serving our customers on cross-border payments across EMQ’s extensive financial settlement network.”

“At EMQ, we strive to launch services that add value to our customers with greater flexibility and cost savings. But most importantly, we want to ensure that the people of India who rely on remittances from their loved ones overseas will receive their money fast and securely,” Liu added.

EMQ currently has a footprint in Hong Kong, Indonesia, Vietnam and the Philippines, with plans underway to expand across the fastest growing trade corridors and economic zones, spanning Asia, Europe, North America and the Middle East. The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017.

About EMQ

EMQ is a financial settlement network in Asia, providing secure and affordable money transfer options for businesses and individuals. With our assets anchored in Asia, EMQ has established an extensive and regulatory-approved network that provides immediate access to thousands of distribution points across North and Southeast Asiaý. For more information, please visit EMQ’s website at www.emq.com

About Kotak Mahindra Bank

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.

Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. As on December 31, 2017, Kotak Mahindra Bank Ltd, has a national footprint of 1,375 branches spread across 700 locations and 2,171 ATMs.

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India.

For more information, please visit the company’s website at http://www.kotak.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180409006509/en/

Contact:

EMQ
Genevieve Li, +852 9200 3892
Genevieve@emq.com
or
Kotak Mahindra Bank
Rohit Rao, +91-22-6166-0001
rohit.rao@kotak.com
or
Phiroza Choksi, +91-22-6166-0001
phiroza.choksi@kotak.com
or
Sanali Lotankar, +91-22-6166-0001
sanali.lotankar@kotak.com

Distribute your news release with us

  • Print

    unique advertising solution

    Our media lists include news desks at all leading Thai and English-language dailies.

  • Radio & TV

    reliable platform

    We deliver your news to leading Thai radio stations and TV channels.

  • Internet Sites

    cloud computing

    All releases are submitted to Internet news sites, including several with guaranteed pickup.

Our Self-Serve News Release Couldn't Be Simpler

Our streamlined online process makes it simple and fast to submit your news to the Thai media. Once registered, just enter or copy your text into our submission form and you'll see an instant preview with our fee based on the word count, translation, and any attached image. To confirm submission, hit Enter to be taken to our payment processor. Once payment is approved, your release passes automatically to our news desk for translation and dissemination by our skilled and experienced team. You'll be kept informed at each step of the process.