Al Maryah Community Bank (Mbank) has partnered with LuLu Exchange, a financial services company in UAE, to enable real-time cross-border payments on the Mbank UAE and Mbank Wallet app.
Industry sources added that this partnership taps into LuLu Exchange’s ongoing associations with digital banks and technology companies, and boosts the company’s fintech products, namely its remittance-as-a-service and open-banking solutions.
Al Maryah Community Bank is transforming the banking services domain by making a range of financial services available for its customers through innovative services and safe yet fast technologies.
Mr. Saeed Mohamed Al Khoori, Head of SME coverage at Al Maryah Community Bank, highlighted the importance of the partnership and its role in supporting the bank’s strategy: “We are pleased to partner with LuLu Financial Group to provide our community with what we have promised since day one: fast and effective banking services that are smart, convenient, reliable, and fulfill the needs of every member of the community.”
He further adds: “As a local bank, by partnering with LuLu Financial Group, we have expanded and opened up a new line of unparalleled monetary services designed to enable cash transfer transactions to other nations across the world through LuLu Exchange branches. We look forward to working closely with the LuLu Financial Group team to help accelerate and transition our services into an internationally integrated digital banking service system.”
Mr. Richard Wason, CEO of LuLu Financial Group, stated, “LuLu Exchange remains committed to offering innovative fintech solutions in line with the UAE’s vision for a digital economy. Our partnership with Al Maryah Bank combines the strengths of our proprietary platform technology with our country-wide branch network to ensure the public benefit from our robust and reliable infrastructure.”
Industry sources added that Mbank has previously enabled its customers to open bank accounts in less than five minutes using only their Emirates ID or UAE Pass, and this latest partnership will enable customers to remit money digitally and deposit cash into their account through any LuLu Exchange branch in the UAE.
Al Maryah Community Bank’s collaboration with LuLu Exchange provides an innovative platform offering services to different market segments, such as remittances on the digital Mbank Wallet made for household workers, which will be launched soon. Moreover, international remittances will be available through just a few taps on the Mbank UAE mobile application at competitive exchange rates.