Lulu Exchange, a global foreign exchange and money remittance enterprise, has invested $3.5m in tech startup ARKIN Technologies.
Following the deal, the collaboration will enable LuLu Exchange to offer a holistic suite of financial products and services in their cloud-banking, constituting a digital revolution in the financial services space.
LuLu said it plans to take ARKIN’s expertise to offer everything from cloud banking, real-time remittances, bills payment and Prepaid MasterCard and VISA, tap payments, prepaid products, API banking and even chat applications to various markets in the region and worldwide. ARKIN’s platform also features two-factor authentication and one of the highest encryptions in the world.
“We are excited to announce this partnership with ARKIN Technologies LTD. We do not want to be seen as just investors putting in capital, but as partners with promising startups like ARKIN sharing our expertise and leveraging on mutual strengths to offer customers simple and smart digital financial solutions,” said Adeeb Ahamed, managing director, LuLu Exchange.
Lulu Exchange said it plans to move nearly 30% of its transactions on to the digital platform by 2020, and through this new partnership, the Abu Dhabi-based companies said they are on track for rapid growth, with planned go-lives in the UAE, Philippines, Hong Kong and Malaysia already pencilled in.
Founded last year, ARKIN develops, operates and markets financial technology platforms for consumers, businesses and government agencies. It claims its seamless, secure and cost-effective solutions can bridge the challenged and emerging societies with the advanced markets.
The company is led by Ralph Santos, a pioneer in the FinTech industry, who previously created the VMoney digital platform. The platform offers an extensive end-to-end financial solution for businesses and consumers offering integratable online payments and funds disbursements for online and retail merchants, government institutions, medical organizations, educational facilities, and business enterprises.
Last month, LuLu Exchange bought in Fiserv’s AML Technology. The financial services technology solutions provider beefed up its financial crime prevention capabilities by implementing a cloud-based version of AML Risk Manager from Fiserv.
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