LuLu Financial Services expands its banknote business with a new currency import-export license
MANILA, Philippines – (COMMERCIAL THREAD) – LuLu Financial Services Phils- one of the country’s leading financial service providers, has received approval from the central bank, namely Bangko Sentral Ng Pilipinas (BSP) and the Customs Office, to effect physical transfers cross-border foreign exchange into the Philippines.
The approval is an upgrade to the company’s existing license that allowed it to ship banknotes to countries overseas, particularly those in the GCC, APAC region and the Indian subcontinent. .
Lulu Financial Services, which is primarily owned by Abu Dhabi-based Lulu Financial Holdings, started operating in the country in 2015 and has since grown into one of the most trusted service providers in Asia Pacific.
Speaking about development, Mr. Adeeb Ahamed, Managing Director of LuLu Financial Holdings, said, âThe APAC region is a hub of global financial services, and the import-export license allows us to play a more proactive role in the development. wholesale ticket business. , keeping the Philippines as a regional hub. With our global presence in 11 countries, we are confident that Lulu Financial Services Phils will be able to create significant gains for the local economy and contribute to key areas of the financial services ecosystem, to become a player in foreground in this sector.
Offering a wide range of digital products and services, including remittances, currency exchange, e-wallet and other value-added services, the new license positions the company among an exclusive number of financial service providers. in the country, who are allowed to trade the physical import and export of foreign currency.
Mr. Sunil Kumar, Managing Director of LuLu Financial Services Phils, said: âThis is indeed a milestone for Lulu Financial Services Phils as we are the only non-bank financial institution authorized by regulators to engage in export / import. foreign currency. ESMs, currency brokers and even banks have welcomed this development and we remain committed to our mission to provide the highest standards of service to our regional and global partners. ”
LuLu Financial Services Phils operates branches in several strategic locations across the country and is expected to expand its physical and digital presence in the coming weeks, including opening new branches and introducing new e-wallet-related features on the LuLu Money app.
* Source: AETOWire