Lulu Exchange & HDFC Bank unite to boost cross-border payments between India & GCC

  • Date: 22-Feb-2023
  • Source: GCC Business News
  • Sector:Financial Markets
  • Country:UAE
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Lulu Exchange & HDFC Bank unite to boost cross-border payments between India & GCC

India’s largest private sector bank, HDFC Bank, and UAE-based financial services company, Lulu Exchange, have signed an agreement to strengthen cross-border payments between India and GCC region.

In its first phase, the partnership will draw on Lulu Exchange’s expertise and regulatory framework to launch a digital inward remittance service titled ‘RemitNow2India’ that will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels.

The partnership will also look to strengthen the existing relationship between the two entities in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv.

Adeeb Ahamed

MD – LuLu Financial Group “We are delighted to partner with HDFC Bank and enable our remittance-as-a-service platform on their digital banking solutions. The UAE-India payments corridor is one of the largest in the world, and this partnership will build upon existing capabilities to ease money transfer for thousands of Indian expats living in the UAE, while setting the foundation for the eventual integration of this service in other parts of GCC where we have a presence.”

Mr. Arvind Vohra, Group Head, Retail Branch Banking, at HDFC Bank said that “Our partnership builds on each other’s strengths. While