Ripple backed MoneyGram partners Lulu Money to expand services in APAC

Ripple backed MoneyGram has partnered with the foreign exchange money transfer company LuLu Money for global expansion.

The LuLu Money will leverage MoneyGram API driven platform. The API integration will allow LuLu Money to interface with the leading consumer-centric capabilities and grow its global network.

According to the announcement, the collaboration with the MoneyGram will help to revolutionize how remittances are handled in the Asia Pacific region. Thus changing the way people approach digital wallet transactions.

The MoneyGram team is thrilled to announce a strategic partnership with @LuLuExchange! We’re excited to help Lulu digitize its money transfer business and partner together to bring leading, consumer-centric capabilities to consumers in Oman and across the Asia-Pacific region! pic.twitter.com/sjSEvMcIpn

— MoneyGram (@MoneyGram) January 20, 2020

The partnership also increases the LuLu Money and MoneyGram’s presence in the Asia Pacific region and Oman. MoneyGram money transfers will be accessible with the help of a LuLu Money system branches and with more than 50000 agents.

Executive Opinion

Managing Director of LuLu Financial Group, Adeeb Ahmed, said, "This partnership will revolutionize how the region manages its high volume of remittances, launching 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”.

Chairman and Chief Executive Officer at MoneyGram, Alex Holmes, said, "LuLu Money has made a major push to digitize its money transfer business through this partnership. MoneyGram looks 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."

LuLu Money and MoneyGram

LuLu Money, which is launched in the year 2009, has more than five million users processing 1.1 million transactions in a year.

MoneyGram has a presence in more than 200 territories, and countries with more than 65 countries are digitally enabled.

In the month of November, Ripple invested around $50 million in MoneyGram for the acquisition of 10% shares into the company. MoneyGram revealed that the funding would be used to develop and expand its On-Demand Liquidity payment system, which uses the XRP cryptocurrency.

MoneyGram has been using the Ripple for transactions in many other countries across the globe.