Fintech innovator EMQ has entered into a strategic partnership with Kotak Mahindra Bank to boost international remittances into India and also expand its network footprint in the country.

The collaboration is aimed at meeting the “growing demand for instant remittances to the country” from more than 16 million Indians residing overseas.

EMQ co-founder and CEO Max Liu said: “India is one of the most important strategic growth markets for EMQ as it is the largest recipient of remittances in the world with $65bn 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.”

Kotak Mahindra Bank head of branch banking & acquisitions Virat Diwanji said: “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.”

EMQ is a financial settlement network in Asia. It offers secure money transfer options for both businesses and individuals.

It currently has a presence in Hong Kong, Indonesia, Vietnam and the Philippines and intends to expand across Asia, Europe, North America and the Middle East.

“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,” Liu added.