At 3.5 million people, the United Arab Emirates is home to the largest population of Indian migrants globally, making the UAE the top source of remittances for India.
Recognizing a need to enhance the cross-border payments experience in one of the biggest remittance corridors in the world, LuLu Exchange, a leading Abu Dhabi-based financial services provider partnered with leading Indian private sector financial institution Federal Bank.
Through RippleNet Cloud, cross-border transactions into India made through LuLu Exchange’s 76 branches in the UAE and the LuLu Money mobile payments app are faster and more reliable.
“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,” said Adeeb Ahamed, LuLu Financial Group Managing Director.
LuLu Exchange joins dozens of 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 and cost effectively—entirely in the cloud.
“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,” Mr Ahamed added.
“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,” said Nilufer Mullanfiroze, Senior Vice President & Country Head – Deposits, Cards & Unsecured Lending at Federal Bank.
“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,” said Navin Gupta, Managing Director of South Asia and MENA. “Ripple is 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.”
RippleNet’s product suite ensures the highest standard in safety, security and privacy and is now SOC 2 certified, meaning that financial institutions planning to adopt RippleNet Cloud can do so with the confidence that Ripple has a certified, industry-leading seal of approval when it comes to meeting modern security and privacy needs.
If you’re a financial institution interested in adopting RippleNet Cloud, contact us.