LuLu Financial Services expanded banknotes for gain in cross-border services. The Philippines’ central bank, the Bangko Sentral Ng Pilipinas (BSP), and the Bureau of Customs recently approved LuLu Financial Services Phils permission to make cross-border physical transfers of foreign currencies.
The clearance represents an upgrade to its existing license, allowing it to transport banknotes to nations worldwide, particularly those in the Gulf Cooperation Council (GCC), the Asia-Pacific Economic Community (APAC), and the Indian subcontinent.
In 2015 Lulu Financial Services, mainly owned by Luu Financial Holdings, based in Abu Dhabi, began operating in this country and has since become one of Asia Pacific’s most reliable service providers.
Talking about the development, Mr. Adeeb Ahamed, Managing Director of LuLu Financial Holdings, said, “The APAC region is a hub of global financial services, and the import-export license allows us to play a more proactive role in the wholesale banknotes sector, keeping the Philippines as a regional hub. Backed by our global presence in 11 countries, we are confident that Lulu Financial Services Phils will be able to create meaningful gains to the local economy and contribute to key areas of the financial services ecosystem, to become a leading player in this sector.”
The new license places the company among its exclusive cluster of financial service providers who can trade in the physical import and export of foreign currencies. The company offers a wide range of services and digital products, including remittances, foreign currency exchange, e-wallet, and other value-added services.
Mr. Sunil Kumar, General Manager of LuLu Financial Services Phils, said, “It is indeed a milestone event for Lulu Financial Services Phils, considering that we are the only non-bank financial institution allowed by the regulators to engage in the export/import of foreign currencies. MSBs, forex dealers, and even banks have welcomed this development, and we remain committed in our mission to deliver the highest standards of service to our regional and global partners.”
Lulu Financial services Phils, which operates at different strategic locations throughout the country, prepares for the coming weeks to increase its physical and digital presence, including the opening of new branches and the launch of new e-wallet features on a LuLu Money app.
