LuLu Exchange, a prominent financial services provider based in the United Arab Emirates, announced a strategic collaboration with Bank Alfalah, a leading bank in Pakistan, to boost the experience of cross-border payments between the two countries through RippleNet, the global payments network of blockchain firm Ripple.
RippleNet is one of the most popular services of Ripple. The company recently launched RippleNet’s ODL deployment in UAE. In May 2021, LuLu Exchange and the National Bank of Egypt partnered through RippleNet.
The recent collaboration between LuLu Exchange and Bank Alfalah will enable efficient and secure cross-border remittance payments between Pakistan and UAE. Pakistan is the world’s 6th largest remittance-receiving country and a large part of the remittances come from the United Arab Emirates.
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“We’re excited to partner with Bank Alfalah and long-standing customer Lulu International Exchange to bring faster, cheaper, and more efficient cross-border payments to Pakistan. As one of the largest remittance markets, it is a critical partnership to bring more financial access and inclusion to the region. We look forward to continuing our partnership with Bank Alfalah and broadening our reach into new markets in the coming year,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said in the announcement.
Ripple and UAE
In November 2020, Ripple selected Dubai for the company’s regional headquarters. In 2021, the company partnered with Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company. In addition to UAE, RippleNet is now getting popular in South Asia and Southeast Asia.
“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. 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,” Adeeb Ahamed, MD, LuLu Financial Group, commented.