With plans to move nearly 30 per cent of its transactions on to the digital platform by 2020, LuLu Exchange is committed to remain on the digital fast track.
LuLu Exchange is one of the most preferred go-to financial services outlet for expats
Published: Thu 19 Jul 2018, 1:03 PM
Last updated: Thu 19 Jul 2018, 3:06 PM
India continues to be the world's top recipient of inward remittances, with nearly $69 billion coming into the country in 2017- an increase of 9.5 per cent from the previous year, according to the latest World Bank report. Remittances to South Asia too increased by 5.8 per cent to $117 billion in 2017. It is expected that in 2018 remittances to the region will grow modestly by 2.5 per cent to $120 billion. A large volume of these remittances come from countries in the GCC, including the UAE.
The region has become one of the most dynamic investment destinations, with a rapidly expanding population and widespread diversification. The visionary governments have been instrumental in advocating the need to move from being an oil-reliant economy to a more diversified trade economy.
Countries in the GCC are home to close to more than 25 million expats from across the world. Adding to this, millions of visitors drop by into each country every year for short and long vacations. The growth story of the region has enhanced the flow of money in and out of the region. Services like currency conversion, transfer of fund between banks accounts, remittances, personal or business loans, financing, and future savings, have all vastly increased over the past few years.
In relation to the increased need for financial services, companies in the region have evolved likewise to cater to the South Asian expat community. LuLu Exchange, an ISO 9001: 2015 certified organisation, with easily accessible and widely networked branches across the region, acts as the go-to financial services outlet for expats.
With products like 'LuLu Now', which allows immediate credit to designated bank accounts instantly, LuLu Exchange remains at the forefront of technological innovation in this sector. The 'LuLu Money' app has various features, including instant online transactions, payment tracking in real time, rate alert setting and payment history, among others. With plans to move nearly 30 per cent of its transactions on to the digital platform by 2020, LuLu Exchange is committed to remain on the digital fast track.
Besides remittances, customers can exchange foreign currency at competitive rates and avail other value-added services like credit card payments and mobile top-up for their home country, among others. The organisation also offers its customers the Gold Card, which allows them to obtain a host of benefits at LuLu Exchange bureaus, and discounts at various other shopping and hospitality partners.
LuLu Exchange currently has over 180 branches spread across the UAE, Oman, Kuwait, Qatar, Bahrain, India, Seychelles, Hong Kong and Philippines.
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