Through the collaboration, LuLu Exchange Holdings plans to offer a
holistic suite of financial products and services in cloud-banking,
constituting a digital revolution in the financial services space, said a
statement.
LuLu Exchange Holdings plans to take Arkin’s expertise to offer
everything from cloud banking, real-time remittances, bills payment and
Prepaid MasterCard and Visa, tap payments, prepaid products, API banking
and even chat applications to various markets in the region and
worldwide, it said.
Arkin’s platform is also armed with two-factor authentication and one of the highest encryptions in the world, it added.
Adeeb Ahamed, managing director, LuLu Exchange Holdings, said: “We are
excited to announce this partnership. We do not want to be seen as just
investors putting in capital, but as partners with promising startups
like Arkin sharing our expertise and leveraging on mutual strengths to
offer customers simple and smart digital financial solutions.”
Arkin is helmed by Ralph Santos, CEO, who is one of the pioneers in the
FinTech industry, having experience in the field before 'fintech'
entered the corporate vernacular. Through his vast experience across
multiple industries in key positions, he has found ground-breaking and
innovative startups that have successfully redefined the digital
landscape and provided a platform for greater financial inclusion.
He created the highly successful VMoney digital platform, offering an
extensive end-to-end financial solution for businesses and consumers
offering integratable online payments and funds disbursements for online
and retail merchants, government institutions, medical organizations,
educational facilities, and business enterprises.
Santos said: “This is an exciting collaboration for us, and we are
proud to partner with LuLu Exchange Holdings. With its focus on
investments offering mutual strategic value, wide reach and unique
solutions, LuLu Exchange Holdings is the right match for us and is a
natural next step toward engaging and supporting the wider financial
ecosystem.”
“The digital revolution is rapidly transforming the financial services
world and we want to be actively involved in developing new technologies
and be at the centre stage where innovation is taking place. We were
looking at being based out of the APAC region, but with Abu Dhabi fast
emerging as the next FinTech hub, we decided to base our headquarter out
of Abu Dhabi Global Market,” he added.
ADGM recently announced the establishment of a FinTech Innovation
Centre and FinTech Association which will support greater financial
innovation, cultivate FinTech talent, foster closer industry
collaboration and facilitate more cross-border investment opportunities
to bolster the development of financial services, said a statement.
With plans to move nearly 30 per cent of its transactions on to the
digital platform by 2020, LuLu Exchange is committed to remain on the
digital fast track. Through this new partnership, the Abu Dhabi-based
companies are on track for rapid growth, with planned go-lives in the
UAE, Philippines, Hong Kong and Malaysia already pencilled in, it
stated.
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