“Phygitalis”? LuLu Exchange Launches Open Banking Solution in UAE

LuLu Financial Group has partnered with the UAE-based banking platform Wio Bank to enable Wio Business customers to make deposits into their account through the LuLu branch network.

Nasdaq Dubai is the world leader in Sharia-compliant securities

This marks the launch of LuLu Exchange’s open banking service – allowing it to integrate banking services with its existing fintech capabilities – following the group’s efforts to diversify the scope of financial services provided by the company.

LuLu Exchange has enabled cash deposit service only, with cash withdrawal to be launched soon. The company aims to integrate more financial institutions looking for an open banking solution, whether for individuals or businesses.

A “phygital” experience for customers in the United Arab Emirates

Adeeb Ahamed, Managing Director of LuLu Financial Group, said, “We are delighted to partner with Wio to introduce a ‘phygital’ experience for customers in the United Arab Emirates. As early adopters of open banking, our enablement platform now allows us to seamlessly partner with financial institutions that want to design hyper-local customer experiences. Our partnership with Wio is a concrete use case of how our fintech capabilities combined with our network can BETTER serve customers across the financial ecosystem.

Wio Business is the bank’s first digital banking application that provides freelancers and SMEs with easy access to business banking services.

Prateek Vahie, Chief Commercial Officer of Wio Bank, said, “At Wio, we seek to simplify banking so customers can focus on running their business. We are happy to partner with Lulu Exchange and leverage their extensive network in the UAE to help Wio Business customers deposit and withdraw funds easily. With this new provision, we plan to further improve access for customers and, as a result, transform the country’s banking sector. »

LuLu Exchange is also adept at blockchain

Apart from open banking, LuLu Exchange has also made great strides in terms of blockchain technology in recent years, with the presence of high-ranking executives on the board, including Richard Teng, who is a member of the board of directors of the Blockchain Association Singapore and the Global FinTech Institute.

Richard Teng served as CEO of the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM) until March 2021. In August, he accepted Binance’s offer to become Managing Director of Binance Singapore.

The industry veteran has had a long career in financial markets and compliance, having spent over a decade at the Monetary Authority of Singapore (MAS).

LuLu Exchange recently partnered with Pakistan-headquartered Bank Alfalah to use the RippleNet platform to improve cross-border payments for remittances from the United Arab Emirates to Pakistan. The Pakistani diaspora in the United Arab Emirates represents 15% of the population, a figure that shows how much such a service is needed.