LuLu International Exchange partners with Fintech Galaxy for Open Banking Remittance Solutions in Bahrain

LuLu International Exchange partners with

Fintech Galaxy for Open Banking Remittance Solutions in Bahrain

– LuLu Exchange will leverage Fintech Galaxy’s Open Banking payment initiation services to revolutionize Bahrain’s cross-border payments remittance landscape.

– The partnership will facilitate account-to-account (A2A) payments, enabling seamless transactions across the MENA region.

fintech - lulu LuLu Exchange, one of GCC’s biggest names in cross-border payments, has announced a partnership with Fintech Galaxy, a leader in Open Banking and financial innovation, in Bahrain. The partnership will see LuLu Exchange leverage Fintech Galaxy’s Open Banking Solutions to make cross-border payments faster and more convenient in Bahrain.

Fintech Galaxy, a leader in Open Banking and financial innovation, is licensed by the Central Bank of Bahrain to offer Account Information Services (AIS) and Payment Initiation Services (PIS) in the Kingdom.

Since their entry in 2013, LuLu Exchange has become an integral part of Bahrain’s society and its people’s lives. With 18 customer engagement centers across the Kingdom, LuLu Exchange has fostered a sense of assurance among retail and corporate customers of Bahrain. Their cutting-edge digital payment solutions have played a part in Bahrain’s digital transformation. LuLu Money, their flagship digital payments app, has consistently been rated highly for its security and convenience.

With the collaboration enabling seamless A2A transfers, LuLu Exchange has become the region’s first licensed cross-border payments company to offer services using the Open Banking infrastructure.

Open Banking offers significant advantages for cross-border payments, addressing key challenges in the traditional system. By leveraging secure APIs to connect financial institutions directly, it enables faster and more convenient transactions, often near instantaneous, while enhancing security.

Mr. Edison Fernandez, General Manager of LuLu Exchange, Bahrain emphasized the importance of using Open Banking services in Bahrain, aligning with the Kingdom’s push towards a more democratized financial services sector. “Our collaboration with Fintech Galaxy marks a significant milestone in our journey towards redefining financial services in Bahrain. Together, we are poised to unlock new opportunities and deliver unparalleled value to our customers.”

Commenting on the collaboration, Mirna Sleiman, Founder & CEO of Fintech Galaxy, expressed enthusiasm about the partnership’s potential to drive innovation and foster financial inclusion in Bahrain. “By combining our expertise and resources, we aim to deliver cutting-edge financial services that empower consumers and businesses alike,” Mirna Sleiman said.

The partnership with Fintech Galaxy provides LuLu Exchange with a first-mover advantage, making the company the first Money Changer in the market with Open Banking enablement. Additionally, the parties will explore new use cases powered by Open Banking capabilities, paving the way for innovative financial solutions in Bahrain and beyond.

About LuLu Exchange

LuLu Exchange is a leading financial services provider with a strong presence in Bahrain. The company offers a wide range of financial products and services, catering to the diverse needs of its customers. With a focus on innovation and customer satisfaction, LuLu Exchange is committed to delivering exceptional value and service excellence. LuLu Exchange is a division of the global financial services conglomerate LuLu Financial Holdings.

About Fintech Galaxy

Fintech Galaxy is a regional financial innovation company, providing reliable and secure Open Banking and Embedded Finance infrastructure for integration between industry players. Licensed by the Central Bank of Bahrain, Fintech Galaxy has also received initial regulatory approvals from Central Banks in Saudi Arabia, Jordan, and UAE. The company’s platform, FINX, is built on international and local Open Banking standards with state-of-the-art data and information security protocols and is compliant with ISO/IEC 27001:2022 and SOC 2 Type 2 standards for Information and Data Security.