MoneyGram, firmly supported by Ripple, announced a partnership with UAE financial giant LuLu Financial and its crypto exchange LuLu.
This cooperation gives MoneyGram the opportunity to use all 200 LuLu financial divisions around the globe. Besides, it is an exclusive payment corridor for Ripple in the UAE.
The exchange opened in 2009. It has 5 million users and 1.1 transactions per year.
“This partnership will revolutionize how the region manages its high volume of remittances. Thus, it will launch unique services into the market, changing the way people approach digital transactions and remittances. We believe this marks a new era for digital money transfers and remittances in the Asia-Pacific region and the world,” said Adeeb Ahmed, Managing Director of Lulu Financial Group.
Alex Holmes, Chairman and Chief Executive Officer at MoneyGram has also commented on the deal.
“Lulu Money has made a major push to digitize its money transfer business through this partnership. So we look forward to working with them to create new innovative products and services that extend our digital reach and bring financial inclusion to customers throughout the Asia-Pacific market,” he noted.
How is MoneyGram doing after the deal with Ripple?
In January, MoneyGram advised their international transactions increased by 2%.
To remind, last year, Ripple invested $50 million into the company to improve its liquidity. MoneyGram is also using the funds to develop its digital direction.
“We focused on digitizing each customer contact point, and these results show how consumers are increasingly evaluating the investments we made as part of our digital transformation,” said Alex Holmes.
So, Ripple, which owns a 10 percent stake in MoneyGram, is part of the company’s digital transformation. Plus, MoneyGram uses XRP cryptocurrency to make cross-border payments.
Read more about the deal with Ripple in the Altcoin Buzz article.