HDFC partners with Lulu Exchange to boost cross-border payments between India and Middle East

Guwahati: Private sector bank – Housing Development Finance Corporation Limited (HDFC) Bank, and United Arab Emirates (UAE) based financial services company – Lulu Exchange, have signed an agreement to strengthen cross-border payments between India and Gulf Cooperation Council (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 Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) through HDFC Bank’s digital banking channels, a statement said. 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.

Speaking on the partnership Group Head – Retail Branch Banking, HDFC Bank Arvind Vohra, said that their partnership builds on each other’s strengths. While HDFC Bank potentially gains access to remittances from Lulu Exchange’s employees, customers and other stakeholders, Lulu Exchange can capitalise on a trusted name with a vast network.
He claimed that as a bank, they can help the people in UAE particularly the Indian diaspora to send money conveniently and in a seamless manner into the country.

The Managing Director of LuLu Financial Group Adeeb Ahamed, commented that they are delighted to partner with HDFC Bank. This would enable their 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.

ALSO READ: Jio launches 5G services in 20 cities