The banking group has inked a Memorandum of Understanding (MoU) with Gulf International Bank. Through this collaboration, AmBank Islamic is appointed as the primary settlement bank for bespoke remittances from Malaysia to the Kingdom of Saudi Arabia, which provides a unique proposition for specialist tour agents to facilitate remittances services.
“We are pleased to partner with Gulf International Bank to enhance the current process and service levels such as same day settlement thus reducing transit and delays in fund realisation, competitive foreign exchange rates and lower transaction costs, as well as improve transaction reconciliation. This gateway expands our ability to make our customers’ international payments and cross-border banking more convenient and secure,” Dato’ Sulaiman Mohd Tahir (photo), Group Chief Executive Officer, AmBank Group said.
“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,” Eqhwan Mokhzanee, Chief Executive Officer of AmBank Islamic remarked.
“GIB is pleased to partner with AmBank to establish a direct payment rail to route payments from Malaysia to the Kingdom of Saudi Arabia. This initiative is aimed to enhance the overall experience of our customers processing cross-border payments between two countries,” Gurumurthy Palani, GIB’s Global Transaction Banking Head added.
