LuLu Exchange, a financial services provider based in the United Arab Emirates, has announced a strategic collaboration with leading Pakistani financial institution Bank Alfalah to boost the experience of cross-border payments between Pakistan and the UAE. The partnership is powered by Ripple’s cross-border payments solution RippleNet.
According to a press release, the new partnership will enable efficient and secure cross-border remittance payments between both countries. Pakistan is reportedly the sixth-largest remittance-receiving country in the world, with a large part of those funds coming from the UAE.
RippleNet’s managing director in APAC and MENA, Brooks Entwistle, said in the press release that this is a “critical partnership to bring more financial access and inclusion to the region,” and added:
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.
It’s worth noting RippleNet is one of Ripple’s solution for cross-border transactions. It offers “ connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper and more reliable”
According to the fintech firm’s website, RippleNet helps eliminate the use of pre-fund accounts with its On-Demand Liquidity (ODL) solution, which uses the XRP token to source liquidity during cross-border transactions.
As CryptoGlobe reported, earlier this year Ripple announced a new partnership with the largest bank of Egypt, the National Bank of Egypt (NBE) for the financial institution to use the firm’s RippleNet to connect with the UAE-based LuLu Exchange.
In November 2020, the company selected Dubai for its regional headquarters. Months later, it partnered with the Al Ansari Exchange, a UAE-based foreign exchange and global money transfer firm.
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