A UAE based international exchange has announced a partnership with Federal Bank and Ripple on January 26th, 2021.
The exchange has joined hands with Ripple, a leading name in the crypto industry, to tap into the Indian-UAE corridor.
Lulu, Ripple, and Federal Bank Come Together to Facilitate Faster Remittances Between UAE-India
Lulu Exchange, one of the leading and highly trusted money transfer services in UAE, said that they have partnered with Ripple and Federal Bank to provide real-time, fast, and secure payments from India to UAE in a highly cost-effective manner. The customers can walk into the 76 branches of the exchange in the UAE to avail the services. Federal Bank is a leading bank in India, and this partnership would be the first of its kind. Federal Bank is reportedly having a collaboration with Ripple as per an official disclosure circulated on the internet.
RippleNet provides fast and secure cross border transactions. It is interesting to note that there is a tremendous volume of financial activity between UAE and India. With the partnership, Lulu exchange would be able to get a strong foothold in the market and facilitate better payment transfers in UAE-India.
As Ripple is facing increased scrutiny in the US after the SEC lawsuit, the team is exploring the Asia Pac region for growth. Recently, the General Manager of RippleNet, Asheesh Birla, said that the APAC region is one of Ripple’s busiest and crucial regions in terms of transactions and demand. MoneyGram also recently announced a partnership with Lulu to facilitate enhanced services to the customers in the Asia-pacific region. MoneyGram is also backed by Ripple.
India is one of the leading receivers of international transactions, and its share in global remittance has grown up to 12 percent. Ripple would be the first company to offer cryptocurrency and blockchain enabled transaction services to India. Around $13.8 billion worth of remittances is done from UAE to India. The partnership between Lulu, Ripple, and Federal Bank is intended to tap into the UAE-India corridor’s ever-growing remittances.
XRP is the primary utility token of Ripple. However, it has not been clarified if it would be used in the cross border transactions.
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