LuLu Exchange, a UAE-based cross-border payments company, has partnered with Fintech Galaxy, an open finance platform, to enhance cross-border payments in Bahrain. The collaboration will leverage open banking solutions licensed by the Central Bank of Bahrain to enable faster, more convenient payments.
With 18 customer engagement centers across Bahrain, LuLu Exchange aims to provide secure and efficient digital payment solutions, contributing to Bahrain’s digital transformation. Its flagship app, LuLu Money, is recognized for its security and ease of use.
Edison Fernandez, General Manager of LuLu Exchange, emphasized the importance of open banking in aligning with Bahrain’s efforts to democratize financial services. The partnership will provide customers with faster transactions, enhanced security, and the ability to unlock new opportunities for businesses and consumers.
Open banking, which uses secure APIs to connect financial institutions, enables smoother cross-border transactions by reducing the challenges of traditional payment systems. LuLu Exchange becomes the region’s first licensed cross-border payments company to integrate open banking infrastructure, marking a milestone in the financial services sector.
Mirna Sleiman, Founder and CEO of Fintech Galaxy, expressed excitement about the partnership’s potential to drive financial inclusion and innovation in Bahrain. Both companies plan to explore new use cases to offer cutting-edge financial services in Bahrain and beyond.
