LuLu Exchange, a UAE-based cross-border payments company, is joining forces with open finance platform Fintech Galaxy, to speed up cross-border payments in Bahrain.
Through the new partnership, LuLu Exchange will leverage open banking solutions from Fintech Galaxy, which is licensed by the Central Bank of Bahrain, to make cross-border payments faster and more convenient in Bahrain.
LuLu Exchange boasts 18 customer engagement centres across Bahrain, enabling it to foster a sense of assurance among retail and corporate customers across the country. Its digital payment solutions have looked to play a role in Bahrain’s digital transformation, while its flagship digital payments app, LuLu Money, has been rated highly for its security and convenience.
Edison Fernandez, general manager of LuLu Exchange, emphasised the importance of using open banking services in Bahrain, aligning with the Kingdom’s push towards a more democratised financial services sector.
“Our collaboration with Fintech Galaxy marks a significant milestone in our journey towards redefining financial services in Bahrain. Together, we aim to unlock new opportunities and deliver unparalleled value to our customers.”
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, while enhancing security.
Open banking enablement
By collaborating with Fintech Galaxy, which is licensed to offer Account Information Services (AIS) and Payment Initiation Services (PIS) in Bahrain, LuLu Exchange also becomes the region’s first licensed cross-border payments company to offer services using the open banking infrastructure.
Mirna Sleiman, founder and CEO of Fintech Galaxy, also 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.”
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. Both entities also plan to explore new use cases powered by open banking capabilities, paving the way for innovative financial solutions in Bahrain and beyond.
