Leatherback, a global banking service provider for individuals and businesses, has entered into a strategic partnership with YES BANK, a leader in India’s private banking sector, to enable easier remittance and Indian Rupee (INR) payouts in India for its users via its tech-driven platform.
Why This Matters
In recent years, trade between African countries and India has grown significantly, reaching $103 billion 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 migrants, tourists, and other Leatherback users from across the world will be able to leverage its advanced financial technology solutions and YES BANK’s market leadership in retail, MSME, and corporate banking to seamlessly send funds to individuals and businesses in India that can be instantly collected in the local currency.
How It Works
Remittance in Indian currency (INR) and payouts are available to users via SendR, Leatherback’s remittance solution. Users simply need to provide a valid Indian Financial System Code (IFSC) – like SWIFT codes for USD and GBP payments – to complete the payment.
Users from more than 20 countries, including the United Kingdom, Canada, Nigeria, West and Central Africa, and more can access up to 15 currencies, taking advantage of a seamless, digital identity verification process, upfront low fees, real-time competitive FX rates, and a secure, fast, and easy-to-use onboarding process to access more payment possibilities in India.
What They’re Saying
According to Ibrahim Toyeeb Ibitade, CEO of Leatherback, “It is truly special to partner with YES BANK to connect more global players to emerging opportunities in India. India represents an exciting frontier for us on our mission to make it as easy as possible to move money around the world, and we are looking forward to playing our part in enabling the opportunities that abound in this market, with effective payment solutions.
Over the years, we have delivered best-in-class financial, payment, 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.”
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