HDFC Bank and UAE-based financial services company Lulu Exchange, have partnered to strengthen cross-border payments between India and Gulf Cooperation Council (GCC) region.
“HDFC Bank and LuLu Exchange will leverage each other’s goodwill, trust, regulatory tech and vast service network to extend this partnership through a series of online and offline initiatives,” the companies said in a joint release.
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 UAE residents to send money to any Indian bank account via IMPS and NEFT through HDFC Bank.
The MoU 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.
“Through this, HDFC gains access to remittances from Lulu Exchange’s employees, customers and other stakeholders, and Lulu Exchange inturn can capitalise on a trusted name with a vast network,” said Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank.
Adeeb Ahamed, MD, LuLu Financial Group said that 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 Indian expats, while setting the foundation for the eventual integration of this service in other parts of GCC where LuLu has a presence.