Kotak Mahindra and EMQ partner for instant international remittances

Kotak Mahindra Bank and Hongkong-based fintech firm EMQ partner to provide better and faster remittance services into India.

The extensive financial settlement network of EMQ will complement and expand the bank cross-border payment services. The strong population of non-resident Indian has led to increased demand for international remittance into India. According to the World Bank, globally, India is the largest recipient of remittances. The currency inflow to the country in 2017 was US$65 billion.

EMQ has strong presence in Hong Kong, Indonesia, Philippines and Vietnam and is expanding into other Southeast Asian countires as well as Europe, Middle East and North America.

At 10:04 hours, the stock of Kotak Mahindra was at Rs. 1,119.75 per share, up by 0.15 per cent, while the benchmark index BSE Sensex was at 33,917.91, up 129.37 points or 0.38 per cent on Tuesday. On Monday, the stock hits its 52 week high of Rs. 1,137.40 per share, after Deutsche Bank upgraded its outlook for the bank.