Muscat, January 27, 2016:With an aim to make money transfer a seamless experience for its customers, two entities came together to join hands. Oman UAE Exchange partnered with State Bank of India (SBI), one of India’s largest and trusted public sector banks, for FLASHremit, a real time account credit facility.With this facility, customers residing in Oman can instantly transfer money to any SBI account in India in a secured manner.
Commenting on the strategic tie-up, Boban MP, Chief Executive Officer, Oman UAE Exchange said, “Our partnership with State Bank of India is another step towards bringing convenience and value to our customers remitting to India. The FLASHremitservice empowers the customers to transfer money to their loved ones in real time. Another value-add service being provided to the customers is the instant SMS notification that will reach both the sender and receiver once the amount is credited.”
“Oman is emerging as a strong market in the remittance industry.We are glad to partner with Oman UAE Exchange as the integration of FLASHremit in our bouquet of services will enable the customers to remit home in a more convenient, instant and secured manner,” said J.V.Ramanan, Deputy General Manager (GLS), State Bank of India.
About Oman UAE Exchange
Oman UAE Exchange was established in 1995. It is the Oman arm of UAE Exchange, the leading global remittances, foreign exchangeand payment solutions brand. In a very short span of time, Oman UAE Exchangehas expanded its branch network to 52 branches in the country.It addresses multiple financial requirements of a customer like money transfer and foreign exchange from a single point. Oman UAE Exchange holds a license from Central Bank of Oman, an ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007certification. It has also been conferred with various awards and accolades including the world’s most important business recognitions, THE BIZZ for the year 2015.
About State Bank of India
State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Company provides Domestic Operations, International Operations and Treasury Operations. SBI group consists of SBI and five associate banks. The group has an extensive network, with over 22000 plus branches in India and over 190 offices in 36 other countries across the world. As of September 31, 2015, the group had assets worth USD 432 billion and capital & reserves in excess of USD 25 billion. The SBI has over 1/5th market share of the Indian banking sector. SBI’s non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India’s financial icon. The bank has over 16,000 domestic branches, 200 foreign branches and close to 57,000 pan-India ATMs.