In a major boost to the Pakistan payments corridor, LuLu Exchange – a financial services provider based in the United Arab Emirates (UAE) has entered into a strategic partnership with Bank Alfalah, a leading bank in Pakistan, to accelerate and scale cross border remittance payments from the UAE to Pakistan through the RippleNet platform.
The payment integration by Bank Alfalah with RippleNet and its launch with Lulu International Exchange is first of its kind, for Pakistan, which is the 6th largest remittance receiving country in the world and will benefit the Pakistani diaspora in the UAE (15% of its population) by bringing in greater transparency & speed to cross-border transactions. As per their expansion plans, this FinTech initiative by Bank Alfalah will serve as a pilot for group rollout with sister concerns of Lulu Exchange in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia.
Atif Bajwa, President and CEO Bank Alfalah, stated, “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 also added, “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.”
Adeeb Ahamed, MD, LuLu Financial Group, said, “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.”
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA said, “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.”