LuLu International Exchange, a financial service provider and market leader in the foreign exchange space, has entered into a strategic partnership with Federal Bank exchange, a foreign exchange bank in India, in association with RippleNet Cloud, a global payment exchange. LuLu Exchange identified the need to improve cross-border transactions between India and the UAE. Since RippleNet Cloud is a payment service provider powered by blockchain technology, it provides the perfect platform to bridge the gap between the two exchanges.
According to media reports, LuLu has an incredible line of 76 branches in the UAE. Speaking to the media, Adeeb Ahamad, LuLu Financial Group’s Managing Director, stated that Lulu and Ripple had joined forces on several occasions as strategic partners. And this new three-way partnership with the Federal Bank will help innovate new pathways in the payment service arena in India.
News reports captured the views of Nilufer Mullanfiroze, Senior VP and Country head at Deposits, Cards, and Unsecured Lending at Federal Bank, and stated that partnership had been etched intending to introduce rapid innovative technology in the payment exchange space. The rationale behind this deal is to introduce competitive pricing, the latest technology, lightning-fast interface, user-friendly navigations, and robust payment gateway to the Indian market.
RippleNet will provide solutions that will provide robust security, confidentiality through its innovative technology designed to meet the dynamic needs of the financial market. The SOC-2 certified solutions of the company will ensure to meet the international standards of safety and security.
Navin Gupta, MD at South Asia and MENA, too, remarked on the association and stated that it aims to provide clutter-free, reasonably priced, and secured payment exchange to the Indian market and encourage the smooth transfer of money within two boundaries. He also pointed out that COVID hasn’t slowed the business in the payment exchange space as much—people continue to exchange money using payment services. The collaboration between LuLu, Ripple, and Federal Bank will address the gap between the demand for innovative technology and increased traffic of payment transactions.