Ajman Bank has teamed up with Mastercard to launch cross-border payment services for person-to-person (P2P) fund transfers through the lender’s digital app.

The listed bank will deploy its digital banking platform to offer real-time remittances across over 40 countries worldwide, according to a recent press release.

In line with its digital strategy, Ajman Bank aims to provide instant remittance services, seamlessly integrated into its app.

Faizal Kundil, Head of Consumer Banking at Ajman Bank, commented: “With its advanced technology, global expertise, and ever-growing remittance footprint, Mastercard is our preferred partner for cross-border remittances that will significantly enhance our customer offering and allow us to achieve global reach.”

“For many people, remittances are a vital way to stay connected to their communities,” Gina Petersen-Skyrme, Vice President at Mastercard in UAE and Oman, highlighted.

In the first nine months (9M) of 2023, the DFM-listed bank turned to net losses valued at AED 87.31 million, against net profits of AED 112.61 million in 9M-22.

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