Source: Ripple
In a boost to UAE’s cross-border payments sector, LuLu Exchange – a leading Abu Dhabi based financial services provider, has partnered with Federal Bank and Ripple – the leading provider of enterprise blockchain solutions for global payments, to enhance real-time payments made into the Indian corridor.
With the UAE being the top source of remittances for India, the partnership will enable cross-border transactions, made via LuLu Exchange’s 76 branches in the UAE as well as the LuLu Money payments app, to benefit from Ripple’s global financial network RippleNet.
LuLu Exchange is among the nearly two dozen financial institutions already running on RippleNet Cloud. Using RippleNet Cloud, LuLu Exchange can send and receive payments between financial institutions on RippleNet with one easy integration to process cross-border payments instantly, reliably, cost-effectively—entirely in the cloud.
Speaking about the partnership, Mr. Adeeb Ahamed, MD, LuLu Financial Group, said, “The partnership signals a major step towards strengthening our Indian corridor, all the while advancing our overall mission to design the world’s most reliable, seamless and accessible financial journeys through collaborative partnerships and application of technology.”
“Our long-standing association with Ripple has opened up plenty of avenues for us to solidify our presence in existing and new corridors, and the latest partnership is a step forward in providing our customers the best possible experience for their payment needs to India,” he added.
Navin Gupta, Managing Director of South Asia and MENA, Ripple, said, “Despite the pandemic, we’ve seen remittances continue to surge in some of the largest corridors including the UAE to India - people still need to send money to friends and family abroad more than ever. We are proud to partner with LuLu Exchange and Federal Bank to transform the cross-border payments experience in the region to be easier, cheaper and more reliable.”
Ms. Nilufer Mullanfiroze, Senior Vice President & Country Head - Deposits, Cards & Unsecured Lending, Federal Bank, said, “Disruptive technology innovation is the mantra at Federal Bank & the Bank continuously invests in technology, which benefits all our partnerships, including the remittance industry partners. We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India.”