To build a remittance corridor, Bank Alfalah, Pakistan’s largest private bank, has partnered with LuLu Exchange, an Abu Dhabi-based remittance and foreign exchange firm. The RippleNet Cloud service will be used to bridge the payment gap between the two countries, t. LuLu Exchange also created remittance lanes to Egypt and India earlier this year.
Pakistanis make up about 12.5 percent of the population of the United Arab Emirates. Pakistan’s second-largest source of remittances comes from the UAE.
According to Bank Alfalah CEO Atif Bajwa, the relationship with RippleNet will enable to development of a partnership with Lulu Exchange and enhance the financial bridges between Pakistanis residing in the UAE and their relatives back home.
According to U. Today, the Saudi British Bank began to use Ripple’s technology earlier this month to deliver rapid payments for business clients.
As per sources, the strategic collaboration would allow the seamless flow of remittances between Pakistan and UAE, making it the Pakistan-based Alfalah’s first payment integration. The process will further allow a significant portion of the Pakistani community in the UAE (almost 15%) to make quick and cost-effective moves.
This FinTech project by Bank Alfalah will act as a pilot project for group deployment with sibling concerns of Lulu Exchange in Bahrain, Kuwait, Oman, Qatar, Malaysia, and Singapore.
RippleNet has brought together a number of banks from across the world to provide cross-border services. Another chance for it to use its services and extend its wings in the Asia-Pacific area came with Pakistan’s sixth-largest bank. Pakistan was one of the top remittance markets, said Brooks Entwistle, RippleNet Managing Director.
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