Mashreq, a leading financial institution in the MENA region, has partnered with leading cloud treasury and finance solutions provider, Kyriba, in order to orchestrate a customized transformation plan for LuLu Group International’s financial operations.
LuLu, a multinational conglomerate having hypermarket business across GCC, in partnership with Mashreq and Kyriba intends to overhaul many of its financial functions, including payments, liquidity management, and process automation.
Mashreq’s cash management team worked with multiple units within LuLu to understand requirements and establish how the entity’s systems interacted, with the aim of finding an optimal solution to streamline operations and improve efficiency.
Joel Van Dusen Group Head – Corporate & Investment Banking Mashreq Bank
“In alignment with our aim of being the region’s most progressive bank and enabling innovative solutions for our customers, we welcomed the opportunity to add value to LuLu’s operations. Working with Kyriba, we were able to identify challenges and needs and create a more efficient finance landscape to future-proof the business. We look forward to further expanding the transformation plan in the coming months, and to a continued successful partnership with Kyriba.”
Kyriba, a global leader in cloud treasury and finance solutions delivering mission-critical capabilities for cash and risk management, payments, and working capital solutions, created the platform on which the revamped finance operations will run.
Benefits of the new platform and transformation plan include 360-degree visibility and control; automated reconciliation; process and policy alignment across markets; liquidity optimization; enhancement of fraud and risk control; cost savings; increased automation and efficiency; and a reduction in manual intervention.
Amer Chebaro, Sales Leader, CEMEA at Kyriba, said that, “As a global leader in Liquidity Performance, Kyriba is delighted to be working in partnership with Mashreq to provide LuLu Group International with the right solutions to help meet its requirement to manage and gain full visibility of its finances via a single platform.”
“As Lulu embarks on the journey of public listing, we are equally committed to transforming our treasury operations. Our collaboration with Mashreq and Kyriba will empower us to enhance financial efficiency, drive sustainable growth, and deliver exceptional value to our stakeholders. This strategic partnership not only positions us at the forefront of financial innovation but also reinforces our dedication to excellence in every market we serve,” commented EP Nampoothiri, Director – Finance at LuLu.
