EMQ, a fintech firm with an extensive financial settlement network in Asia, announced on Tuesday a strategic partnership with Kotak Mahindra Bank to expand EMQ’s network footprint in India. This partnership will aid in meeting the growing demand for instant remittances to the country from more than 16 million Indians residing abroad. While sharing details about the partnership, Max Liu, Co-founder and CEO of EMQ, stated:
“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, also commented:
“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.”
Liu went on to note:
“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.”
EMQ added it 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 previously 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.