AmBank to be settlement bank for remittances to Saudi Arabia

KUALA LUMPUR: AmBank Group and Gulf International Bank have inked a memorandum of understanding (MoU) to appoint the former as the primary settlement bank for bespoke remittances from Malaysia to Saudi Arabia. 

Through the collaboration, AmBank Islamic will provide a proposition for specialist tour agents to facilitate remittances services.

AmBank Group chief executive officer (CEO) Datuk Sulaiman Mohd Tahir said the pact with Gulf International Bank would enhance the current process and service levels for the remittance services. 

He said among the improvements were same day settlement thus reducing transit and delays in fund realisation, competitive foreign exchange rates and lower transaction costs, as well as improving transaction reconciliation.

“This gateway expands our ability to make our customers’ international payments and cross-border banking more convenient and secure,” he said in a statement.

AmBank Islamic CEO Eqhwan Mokhzanee said the partnership was timely given that travels had resumed this year. 

“This partnership will allow us to leverage our strengths to deliver the comprehensive proposition to enjoy a simplified and seamless service with minimal cost for same day transfer of funds. 

“This is achieved with standardised and committed service levels through direct connectivity with Gulf International Bank,” he added. 

GIB global transaction banking head Gurumurthy Palani said the initiative was to enhance the overall experience of our customers processing cross border payments between the two countries.

Source: New Straits Times


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