The partnership will enable cross-border transactions between the United Arab Emirates (UAE) and India to be significantly faster and more secure.
With 3.5 million people, the UAE is home to the largest population of Indian migrants in the world, and the biggest source of remittances for India. LuLu Exchange, a financial services provider based in Abu-Dhabi, partnered with Indian private financial institution Federal Bank to enhance one of the biggest remittance corridors in the world.
The corridor will leverage the RippleNet Cloud to make cross-border payments faster and more reliable.
According to Ripple’s announcement, users will be able to send remittances to India through LuLu Exchange’s 76 branches in the UAE. Nilufer Mullanfiroze, the senior vice president and country head at Federal Bank, said the bank has been investing in technology that would benefit its remittance industry partners.
“We believe such innovations will benefit the larger Indian diaspora who can enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India,” he said in the company’s press release.