The Abu Dhabi-based LuLu Exchange’s international money-transfer service announced a partnership with India’s Federal Bank. The collaboration will allow the UAE firm to integrate RippleNet Cloud for transactions to that country.
Learn how @LuLuExchange utilizes #RippleNet Cloud to make it easy for remitters in the UAE to send money instantly, reliably and cost-effectively. https://t.co/jVUtHbYtab
— Ripple (@Ripple) February 12, 2021
LuLu Exchange expects that Ripple’s solution will reduce fees and processing times for money transfers to India for 3.5 million Indian nationals living in the United Arab Emirates.
The U.S. fintech company said that the main market for RippleNet for cross-border transactions to India via 76 LuLu Exchange branches and the LuLu Money mobile app will be carried out ‘faster and more reliably’.
“We believe that such innovations will benefit the largest Indian diaspora itself, which will be able to use a modern, affordable, fast, simple and more reliable way to transfer money to India,” said Nilufer Mullanfiroz, Senior Vice President of Federal Bank.
Ripple’s Managing Director for South Asia and the Maghreb and the Middle East (MENA) Naveen Gupta noted growth in remittance volumes in some corridors, including from the UAE to India, despite the pandemic.
Earlier, Ripple CEO Brad Garlinghouse said that the main market for RippleNet became the Asia-Pacific region. The number of deals signed in the region over the year rose 80% year over year, and the number of transactions rose 1,700%.
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