LuLu Exchange, Federal Bank, Ripple Partner to Offer UAE-India Remittances
- UAE-based LuLu Exchange and Indian Federal Bank will establish a remittance corridor between the two countries.
- The corridor will use RippleNet Cloud to make cross-border payments faster, cheaper, and more reliable.
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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.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- The exchange argues that the SEC failed to provide a “fair notice” that selling XRP was illegal, and that it previously made public statements that those transactions were lawful.
- Coinbase also pointed out that the SEC is yet to provide clear guidance to crypto businesses, and that it keeps being inconsistent about its enforcement approach.