Latest news with #LuLuExchange
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Rise of fintech: Redefining cross-border payments as digital platforms surge
In today's hyper-connected world, the ability to move money instantly, securely, and cost-effectively across borders is no longer a luxury — it's a necessity. Once known for traditional remittance corridors, the UAE's cross-border payments landscape has transformed into one of the most agile, innovative, and future-ready ecosystems globally. Over the past few years, propelled by a tech-savvy population, visionary national initiatives, and a vibrant fintech sector, the way people and businesses move money across borders has fundamentally evolved. 'The UAE's cross-border payments landscape has undergone a remarkable transformation in recent years,' said Adeeb Ahamed, Managing Director of LuLu Financial Holdings, in an interview. 'There's been an undeniable pivot toward digital channels, driven by a tech-savvy customer base and increasing trust in fintech innovation.' This shift mirrors the country's broader digitisation agenda. Landmark programmes such as We the UAE 2031 and the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme have cultivated an environment where digital transformation isn't merely aspirational — it's expected. Today, customers don't just send money; they transfer value, whether in fiat currencies, digital tokens, or emerging asset classes. Yet, human-centric services still have their place, with leading players like LuLu Exchange offering an omni-channel model that balances convenience with personal trust. Similarly, Ali Al Najjar, COO of Al Ansari Exchange, points to the dynamism and rapid evolution of the sector. 'The UAE has embraced advanced payment technologies, including real-time payment systems, digital wallets, and blockchain technology, which have streamlined cross-border transactions, making them faster and more secure,' he said. The regulatory environment, too, has been instrumental. Progressive policies supporting anti-money laundering (AML) standards, sanctions compliance, and financial infrastructure development have strengthened the UAE's reputation as a global financial hub. As part of its broader push toward a cashless economy — with Dubai aiming to become one of the world's top five cashless cities by 2033 — the adoption of mobile payments and real-time transaction capabilities has been a game-changer for consumers and businesses alike. Public-private partnerships have further accelerated progress. Collaborations between regulators, banks, fintechs, and global financial institutions have driven the creation of cutting-edge payment systems that combine speed with security. Adding to this momentum, the introduction of the Unified Payments Interface (UPI) and RuPay card services in the UAE marks another landmark development, particularly in strengthening the UAE-India financial corridor. 'The UAE-India corridor alone accounts for approximately one-third of the country's outbound remittances,' said Al Najjar. 'Indian expatriates are embracing the familiarity and efficiency of these platforms, while merchants are benefiting from faster settlements and cost-effective transaction options. These innovations build on the 2022 UAE-India framework for local currency settlement (INR-AED), which aims to reduce transaction costs and promote bilateral trade. We expect UPI and RuPay to further strengthen the financial bridge between both nations.' Otto Williams, Regional Head and General Manager of PayPal Middle East and Africa, notes: 'The UAE has transformed into one of the most agile cross-border payment hubs in the world. Driven by regulatory support, a robust fintech ecosystem, and consumer demand, cross-border payments in the UAE are increasingly seamless, instant, and secure,' he said. He added that the advent of real-time infrastructure, open banking frameworks, and interoperable digital wallets has drastically reduced friction and cost, positioning the UAE as a key enabler of global commerce — bridging East and West with a spirit of innovation and inclusion. Building a Future-Ready Financial Ecosystem In 2024, the UAE's foreign trade reached a record Dh5.23 trillion — an extraordinary milestone that highlights its increasing significance on the world stage. At the same time, the UAE has consistently ranked among the top three remittance-sending countries globally, connecting millions of expatriates with their families through trusted financial channels. Cross-border trade payments are pivotal to the UAE's economic momentum. As Ahamed notes: 'We consider the development of efficient payment rails as a critical part of the national financial infrastructure. Making it seamless and accessible is necessary for small businesses to thrive.' This focus has fueled the emergence of innovative, frictionless payment solutions designed to meet the complex needs of global enterprises and individual customers alike. Recognising the crucial role of financial innovation, the Central Bank of the UAE has created a highly supportive regulatory environment. The country has become a living laboratory for next-generation financial technologies, including real-time payment rails, blockchain-based transfers, and biometric verification—all aimed at redefining the future of cross-border money movement. 'The UAE's open and progressive regulatory framework has set the stage for transformation,' says Williams. 'Initiatives like the Dubai Digital Economy Strategy, and innovation zones such as DIFC's Ignyte and FinTech Hive, have fostered a thriving commercial sandbox. The government's approach enables innovators like PayPal to bring cutting-edge solutions to market faster.' Championing the UAE's cashless economy vision, Empay has emerged as a key player, aligning perfectly with the nation's digital economy aspirations. Launched in 2020, Empay aggregates lifestyle, government, and non-government payments into a single seamless platform. 'Empay simplifies financial management by allowing users to handle all their transactions without leaving the ecosystem,' says Gigi George Koshy, Deputy CEO and Chief Product Officer of Empay. 'This supports the national goal of digital transformation and inclusive financial access. Within the Empay ecosystem, users can send money instantly through peer-to-peer transfers. For cross-border needs, Empay has partnered with trusted exchange houses, making international remittances secure, quick, and accessible — especially important in a country with a large expatriate population.' Reducing Friction in International Money Transfers Ahamed emphasises that 'the future of finance lies in collaboration.' He explains that in a landscape as complex and fast-evolving as cross-border payments, no single player can address all the challenges on their own. Partnerships between startups and established financial institutions are helping to merge the speed and innovation of fintech startups with the trust, scale, and regulatory compliance of industry giants. One prime example of this collaborative model is LuLu Exchange's Remittance-as-a-Service (RaaS) product. This service offers a plug-and-play infrastructure for cross-border payments, enabling fintechs across the region to integrate quickly into a seamless payment system. According to Ahamed, this partnership model not only accelerates innovation but also makes the process smoother for customers. By eliminating barriers and reducing delays, fintech collaborations empower companies to scale faster, expand into new markets, and deliver a seamless user experience for remittances. Williams highlights the significance of partnerships in creating frictionless cross-border payments. PayPal's recent collaboration with TerraPay, a global payment platform, exemplifies how fintech companies are working together to connect banks, mobile wallets, and PayPal accounts across the Middle East and Africa. This partnership eliminates many of the delays and intermediaries typically involved in traditional international money transfers, offering customers a more transparent and secure payment experience. Further innovating the wallet space, Williams adds, 'On the wallet front, we're working to make peer-to-peer cross-border wallet transfers as easy as sending a message.' By simplifying the process and removing unnecessary steps, these collaborations are paving the way for a more efficient and user-friendly experience. This is especially important for underserved communities, who are gaining access to global digital commerce for the first time — breaking down barriers to financial inclusion. Driving Financial Inclusion Cross-border payments are increasingly recognised as a key driver of financial inclusion, particularly in regions with large migrant populations. 'Cross-border payments are instrumental in driving financial inclusion — particularly in regions with large migrant populations. In the UAE, we've successfully leveraged innovation to make remittances faster, safer, and more affordable for millions,' according to Ahamed. He credits the Central Bank of the UAE (CBUAE) for its future-focused regulation, which has laid the groundwork for a robust, technology-driven remittance ecosystem. This innovation-first approach is advancing financial inclusion at scale, in line with the UN Sustainable Development Goal of keeping global remittance costs below 5%. 'The UAE has consistently maintained remittance fees within this threshold — a significant achievement made possible through collaborative initiatives such as the Foreign Exchange and Remittance Group (FERG), which unites industry leaders to champion inclusive, customer-focused financial solutions,' Ahamed adds. Echoing similar sentiments, Al Najjar highlights that innovation has become a powerful enabler of financial inclusion in the UAE's rapidly evolving financial landscape. 'With the UAE progressing toward a fully cashless society and mobile wallet usage growing rapidly, we are seeing a broader segment of the population — including underbanked and lower-income communities — gaining access to digital financial tools,' he says. According to the latest survey, 82% of UAE SMEs now use apps and digital tools for cross-border payments, marking a 27% increase since 2021. This surge in digital adoption underlines how technology is democratising financial access across the country. 'At Al Ansari Exchange, we are committed to supporting this momentum through user-friendly digital platforms that extend reach and accessibility,' Al Najjar emphasises. Williams also notes the broader impact of financial inclusion, adding: 'Financial inclusion isn't just a goal, it's a catalyst for long-term economic resilience. Through our partnerships and platforms, we're bringing millions of SMEs and individuals into the global digital economy. Our our joint efforts with ecosystems like Ignyte are designed to empower startups with access to payment tools that were once only available to large enterprises. Cross-border innovations help reduce reliance on cash, improve transparency, and enable access to broader markets, paving the way for more equitable growth, especially for underserved countries.' The Age of Intelligence As global trade and remittances continue to evolve, emerging technologies such as AI and open banking are set to redefine how money moves across borders. 'We are witnessing a transition into the age of intelligence — where AI is reshaping every industry, and cross-border payments are no exception,' says Ahamed. At LuLu Financial Holdings, AI is already being deployed in critical areas such as fraud detection, regulatory compliance, and reconciliation, significantly enhancing operational efficiency and security. Ahamed points out that intelligent automation is also making a major impact on customer service, enabling faster, more personalised support at scale. Similarly, Williams highlights the early adoption of AI in streamlining compliance processes, preventing fraud, and even crafting personalised shopping experiences for users. 'These technologies, when integrated thoughtfully, promise a new era of programmable, personalised, and predictive financial services that scale across borders,' he says. Open banking is another revolutionary force shaping the future. Ahamed notes that LuLu Financial Holdings has been an early adopter, fully embracing the shift towards embedded finance. 'Open banking gives us a clearer view of customer needs, enabling us to build a diverse and responsive suite of financial products,' he says. Taking a major step forward, LuLu Financial Holdings will launch Digit9's World API next month at the Dubai Fintech Summit — a powerful tool designed to unify and simplify access to global payment networks. Ahamed believes it has the potential to profoundly reshape the cross-border money movement, making it faster, more secure, and more inclusive than ever before. Williams echoes the sentiment, emphasising that open banking is becoming 'the connective tissue' linking local banks, digital wallets, and global payment providers like PayPal. This connectivity is essential for creating a truly interoperable financial ecosystem.
Zawya
15-05-2025
- Business
- Zawya
UAE Group LuLu Financial Holdings partners with Pakistani ABHI to advance financial inclusion and cross-border remittance solutions
Dubai, UAE - LuLu Financial Holdings, a leading global financial services conglomerate, has partnered with Abhi Middle East Limited to enhance financial inclusion and improve access to timely remittance solutions. As part of the partnership, workers in the UAE will be able to access their earned wages instantly and remit funds to their families back home through LuLu Exchange — without having to wait for payday. Through this initiative, workers in the UAE will benefit from Earned Wage Access (EWA) and Send Now, Pay Later (SNPL) services, giving them greater financial flexibility and control over their income. By offering instant access to earned wages and enabling timely remittances, the partnership addresses a key financial need among expatriate workers, empowering them to support their families with greater ease and security. Abhi, an embedded finance platform specializing in technology-driven solutions, will provide the operational framework for LuLuFin. This will enable customers to access their earned wages before their scheduled payday while also allowing employees to send money internationally instantly with the flexibility to defer payment. The service will be rolled out across all major corridors, with the launch for Pakistani customers scheduled for May. Thampi Sudarsanan, Chief Executive Officer – LuLu Exchange UAE, said: 'This partnership with ABHI represents a bold step toward redefining financial connectivity for global diasporas. By leveraging cutting-edge technology, we aim to create a seamless bridge for expatriates to support their families, setting the stage for a future where financial inclusivity knows no borders.' Omair Ansari, Co-Founder & CEO of Abhi Middle East Limited, stated: 'The partnership with LuLu Financial Holdings marks a significant step in enabling expatriates to access their hard-earned wages seamlessly and support their families back home without financial strain. By integrating ABHI's technology with Lulu's extensive market expertise, we are dedicated to promoting financial inclusion and providing underserved communities with greater flexibility and convenience in managing their finances.' This partnership underscores LuLuFin's commitment to enabling economic empowerment through innovative financial solutions. By joining hands with ABHI, a pioneer in digital financial services, the initiative will ensure that individuals and small businesses gain access to timely credit, which can be instrumental in fostering entrepreneurial growth and uplifting communities.
Al Bawaba
24-02-2025
- Business
- Al Bawaba
LuLu Exchange voted Oman's Most Trusted Brand for the second consecutive year
LuLu Exchange, one of Oman's leading cross-border payments and money exchange companies, has once again been recognized as Oman's Most Trusted Brand in the Money Exchange category for 2024. The award, announced on February 17, 2025, reflects the overwhelming trust and support from consumers across Oman, marking the second consecutive win for the company. LuLu Exchange has grown from just another financial services provider to being an integral part of the Omani community, serving as a vital link that connects people with their loved ones back home. This recognition highlights the brand's dedication to delivering reliable, seamless, and customer-centric financial services. With trust as its foundation, LuLu Exchange continues to set industry benchmarks for excellence, reinforcing its position as the preferred financial partner in Oman. The OMTB Awards, presented by Muscat Daily, celebrates public trust in leading brands across the country. This prestigious recognition is awarded to brands that have earned the confidence of consumers, underscoring their credibility, reliability, and commitment to excellence. In this edition of the awards, over 1mn consumer votes were polled across 52 categories. The award ceremony was graced by His Highness Sayyid Dr Faris bin Turki al Said, Member of the Technical Team for Oman's Promotional Identity who presented the honour to Lathish Vichitran, General Manager, LuLu Exchange Oman and Mohammed Al Kiyumi, Head of Omanisation & Government Relations. The company's leadership reiterated their dedication to advancing their services and playing a vital role in shaping the future of cross-border payment systems. Thanking the customers for their trust of confidence, Shaikh Mohammed bin Hamed bin Ali Al Ghazali, Director of Lulu Exchange Oman, said, 'Our mission has always been to ensure that our customers experience unmatched service and convenience when it comes to cross-border payments and currency exchange. Winning this award for a second consecutive year is a testament to the deep trust placed in us by the people of Oman. We remain committed to empowering communities by connecting them to their loved ones and supporting their financial aspirations.' Lathish Vichitran, General Manager of LuLu Exchange Oman, expressed gratitude for the continued trust and support from customers, stating, 'Winning this award once again is a true reflection of the confidence our customers have in us and the unwavering support they have shown through their votes. At LuLu Exchange, our priority has always been to provide fast, secure, and reliable financial services, ensuring seamless transactions that connect our customers to their loved ones. This recognition reinforces our commitment to excellence, inspiring us to enhance our services and strengthen our relationship with the community. We sincerely thank our customers for their trust and loyalty, and we look forward to continuing this journey together.' LuLu Exchange is a leading financial services provider, specializing in secure and seamless cross-border payments and foreign currency exchange. With a strong network of 46 customer engagement center and the innovative mobile app- LuLu Money, the company ensures fast, reliable, and customer-friendly financial solutions. Guided by principles of trust, excellence, and a customer-centric approach, LuLu Exchange continues to empower individuals and businesses while making a positive impact on communities worldwide. The company is a part of LuLu Financial Holdings – a global financial services conglomerate based in Abu Dhabi. For more details, visit
Trade Arabia
23-02-2025
- Business
- Trade Arabia
LuLu Exchange voted Oman's Most Trusted Brand for second year
LuLu Exchange, one of Oman's leading cross-border payments and money exchange companies, has once again been recognised as Oman's Most Trusted Brand in the Money Exchange category for 2024. The award, announced on February 17, 2025, reflects the overwhelming trust and support from consumers across Oman, marking the second consecutive win for the company, it said. 'LuLu Exchange has grown from just another financial services provider to being an integral part of the Omani community, serving as a vital link that connects people with their loved ones back home. This recognition highlights the brand's dedication to delivering reliable, seamless, and customer-centric financial services. With trust as its foundation, LuLu Exchange continues to set industry benchmarks for excellence, reinforcing its position as the preferred financial partner in Oman,' the company said. The OMTB Awards, presented by Muscat Daily, celebrates public trust in leading brands across the country. This prestigious recognition is awarded to brands that have earned the confidence of consumers, underscoring their credibility, reliability, and commitment to excellence. In this edition of the awards, over 1mn consumer votes were polled across 52 categories. The award ceremony was graced by Sayyid Dr Faris bin Turki al Said, Member of the Technical Team for Oman's Promotional Identity, who presented the honour to Lathish Vichitran, General Manager, LuLu Exchange Oman, and Mohammed Al Kiyumi, Head of Omanisation & Government Relations. Thanking the customers for their trust of confidence, Shaikh Mohammed bin Hamed bin Ali Al Ghazali, Director of Lulu Exchange Oman, said: 'Our mission has always been to ensure that our customers experience unmatched service and convenience when it comes to cross-border payments and currency exchange. Winning this award for a second consecutive year is a testament to the deep trust placed in us by the people of Oman. We remain committed to empowering communities by connecting them to their loved ones and supporting their financial aspirations.' – TradeArabia News Service
