LuLu Financial Holdings, a global financial services conglomerate, has announced a strategic partnership with digital financial technology firm Circle Internet Group. 

 

This collaboration, which was formalised at the Abu Dhabi Finance Week (ADFW), will leverage USDC, Circle’s fully-reserved digital dollar, to facilitate cross-border payments, reinforcing LuLuFin’s position as a leader in adopting digital innovations to transform financial services. 

 

This partnership will enable LuLuFin, through its payments’ orchestration platform Digit9, to optimise remittances and cross-border payment flows using USDC, initially targeting corridors between the Middle East and Asia. Digit9 simplifies the complexities of cross-border payments, seamlessly integrating an array of payment methods, banks, and service providers. By leveraging USDC, Digit9 will benefit from increased liquidity and reduced volatility, while harnessing the speed, immutability, and traceability of blockchain technology.  

 

Blockchain technology

By harnessing blockchain technology, the partnership aims to deliver near-instant payments with reduced transaction costs, increased liquidity, and enhanced traceability. This development aligns with LuLuFin’s commitment to innovation and its mission to create seamless, efficient, and accessible financial services for its customers.

 

“Our partnership with Circle reflects our unwavering commitment to innovation. At LuLu Financial Holdings, we have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers. This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions,” said Adeeb Ahamed, Managing Director of Lulu Financial Holdings. 

 

"This landmark partnership with LuLu Financial Holdings marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors," said Jeremy Allaire, co-founder and CEO of Circle. "By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region. Together, we are driving innovative solutions and enhancing access to efficient digital financial offerings, thereby contributing to the broader development of the digital economy."--TradeArabia News Service