Leather backa global provider of banking services for individuals and businesses, has entered into a strategic partnership with YES BANKa leader in India’s private banking sector, to enable easier Indian Rupee (INR) remittances and payments in India for its users through its technology-driven platform.
Because this matters
In recent years, trade between African countries and India has grown significantly, reaching 103 billion dollars in 2023. This makes India Africa’s third largest trading partner, after the European Union and China.
India has also emerged as a major hub for medical tourism and is now considered among the top 6 medical value travel destinations in the world. 19.5% of African tourists visited India for medical purposes in 2020.
Digging deeper
With this partnership, businesses, international students, medical expatriates, tourists and other Leatherback users from around the world will be able to leverage YES BANK’s advanced financial technology solutions and market leadership in retail, MSME and corporate banking to seamless sending of funds to individuals and businesses in India that can be instantly collected in the local currency.
How does it work
Indian currency (INR) remittances and payments are available to users through SendR, Leatherback’s remittance solution. Users just need to provide a valid one Indian Financial System Code (IFSC) β such as SWIFT codes for USD and GBP payments β to complete the payment.
Users from more than 20 countries, including United Kingdom, Canada, Nigeria, West and Central Africaand more can access up to 15 currencies by taking advantage of a seamless digital identity verification process, low upfront fees, competitive real-time exchange rates and a secure, fast and easy onboarding process to access more payment options in India .
What they say
According Ibrahim Toyeeb Ibitade, CEO of Leatherback, “It is truly special to partner with YES BANK to connect more global players with emerging opportunities in India. India represents an exciting frontier for us in our mission to make it as easy as possible to move money around the world, and we look forward to playing our part in delivering the opportunities that abound in this market with efficient payment solutions.
Over the years, we have delivered best-in-class finance, payments and commerce solutions that remove barriers to global growth and mobility, and we are excited to leverage these solutions to unlock more opportunities in the Indian market.β
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related