Mbank & LuLu Exchange unite to enable real-time cross border payments

By Shilpa Annie Joseph, Official Reporter
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Mbank partners with LuLu Exchange
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Al Maryah Community Bank (Mbank) has partnered with LuLu Exchange, one of UAE’s leading financial services companies, in order to enable real-time cross-border payments on the Mbank UAE and Mbank Wallet app.

Furthermore, the partnership enables the bank’s customers to make cash deposits through any LuLu Exchange branch in the country. Mbank is the UAE’s first fully integrated digital bank focused on serving the UAE community.

Mr. Saeed Mohamed Al Khoori, Head of SME coverage at Al Maryah Community Bank, said that, “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.”

“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. Al Khoori added.

The alliance builds on 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.

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.

According to the statement, “Moreover, international remittances will be available through just a few taps on the Mbank UAE mobile application at competitive exchange rates.”

Mr. Richard Wason, CEO of LuLu Financial Group, noted that, “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.”

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