LuLu Exchange and Bank Alfalah in cross-border payments push

|

Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • LuLu Exchange, a major provider of financial services in the United Arab Emirates (UAE), will work alongside Bank Alfalah, a leading bank in Pakistan, to improve cross-border payments.
  • The service will be powered by RippleNet, which is an industry-leading blockchain-powered toolkit for financial services.
  • “The partnership with RippleNet will help us deepen our partnership with Lulu Exchange and strengthen the financial bridges between Pakistanis residing in the UAE and their families back home,” said a spokesperson for Bank Alfalah.

LuLu Exchange, a leading provider of financial services in the United Arab Emirates (UAE), has confirmed that it will begin work with a bank in Pakistan.

The company said that it had signed a deal with Bank Alfalah to offer the new arrangement, which will see the two firms build up their cross-border payments service offer.

The companies will collaborate with RippleNet, which is a blockchain-powered service designed to speed up the bank transfer process.

The move comes after a growing demand for international money transfers into Pakistan.

The country is the sixth-biggest remittance-accepting nation in the world and shares a prominent payments corridor with the UAE.

It is understood that the arrangement will be monitored by Bank Alfalah and potentially expanded to additional Lulu Exchange partners in other countries.

However, this may be dependent on how the current arrangement works out.

A spokesperson for Bank Alfalah said that the bank was committed to offering top-quality financial services infrastructure to its customers.

Atif Bajwa, the bank’s president and chief executive officer, said that the company wanted to heighten simplicity both in the domestic and international sphere.

“At Bank Alfalah, we continue to strive towards implementing the best and most sophisticated infrastructures that makes access to our banking services simpler for customers within Pakistan and abroad,” he explained.

“The partnership with RippleNet will help us deepen our partnership with Lulu Exchange and strengthen the financial bridges between Pakistanis residing in the UAE and their families back home.”

LuLu Financial Group’s managing director said that Pakistan was a top priority for the firm in terms of remittances.

Adeeb Ahamed explained that the new move would provide more opportunities for the company. 

“Pakistan remains a key payments corridor for us, and we firmly believe that the partnership with Bank Alfalah and RippleNet will help foster new opportunities,” he said.

He went on to say that the new move would also help to boost reliability and cost-effectiveness for customers.

“By showing our commitment to strengthen the payment ecosystem from the UAE to Pakistan, we are determined to make the process of cross-border remittances more affordable and reliable for our consumers.”

Are you in the process of finding a new online money transfer provider, or are you just interested in how the industry operates? If so, our reviews pages are a great place to start.


Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.