Financial services provider LuLu Exchange has partnered up with a leading Pakistani bank to introduce the RippleNet platform to enhance the cross-border remittance corridor.
Leading Pakistani Bank Integrates Cross-Border Payments Platform
As the first-of-its-kind payment integration, the project is expected to bring in several advantages to the Pakistan payments corridor. According to reports, the leading Pakistani financial institution is the Bank Alfalah, and the strategic partnership with LuLu Exchange is expected to accelerate and scale cross-border remittance payments from UAE to Pakistan through the RippleNet platform.
Speaking on the partnership, Atif Bajwa, President and CEO of 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. 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.”
RippleNet Continues Improving Remittance Corridors
Pakistan is currently the sixth-largest remittance-receiving country globally. The new improved cross-border payments platform will hugely benefit the Pakistani diaspora living in the UAE (15% of its population). Ripple had previously connected the National Bank of Egypt with LuLu Exchange to enhance the Egypt-UAE remittance corridor.
The latest payment platform for Pakistan is a pilot program, which will be followed by group rollouts in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia. The RippleNet payments platform is expected to introduce greater transparency, increased speed, lowered payment fees to cross-border transactions.
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.”
LuLu Focuses On Pakistan-UAE Remittance Corridor
The scope and functionalities of cryptocurrencies are spreading rapidly. Multiple countries, like Pakistan, with economies heavily dependent on the remittance market, are adopting crypto payments. As a result, Pakistani authorities in the country are being pressured to formulate a proper action plan to regulate the crypto industry.
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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.