Pakistani Bank Alfalah has announced that it will integrate its payments with RippleNet for cross-border payments between Pakistan and UAE in partnership with Lulu Exchange.
The two financial institutions will replicate the Fintech initiative across Lulu Exchange associates in Oman, Qatar, Malaysia, Singapore, and Bahrain.
Lulu Financial Group Managing Director Adeeb Ahamed says that the partnership would create new opportunities for partners to make cross-border payments affordable and reliable.
RippleNet MD, in charge of APAC and MENA regions, Brooks Entwistle, says the partnership is key in ensuring financial inclusion for the Pakistanis in UAE. Entwistle said that RippleNet would continue collaborating with Bank Alfalah to widen its reach in the emerging markets.
Pakistan is the sixth-biggest remittance-receiving country. The initiative is expected to make payments efficient for Pakistanis in the UAE, making about 15% of Pakistan’s population.
Source: Gulf News