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COMMUNITY NEWS

Lulu International Exchange - Officials at the signing ceremony

Feb 12, 2018 8:59 AM

LuLu Exchange Holdings, a leading financial services company, has invested $3.5 million in tech startup Arkin Technologies.

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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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