Abu Dhabi-based LuLu Exchange Holdings, a leading financial services company announced that it will invest $3.5 million in tech startup ARKIN Technologies LTD as the two collaborate in a digital revolution within financial services."We are excited to announce this partnership with ARKIN Technologies LTD. We do not want to be seen as just investors putting in capital, but as partners with promising startups like ARKIN sharing our expertise and leveraging on mutual strengths to offer customers simple and smart digital financial solutions," said Adeeb Ahamed, Managing Director, LuLu Exchange Holdings.
ARKIN technologies, a Philipine based company develops products such as ewallet platforms, payment solutions, card management and issuing solutions, ecommerce, rewards and loyalty solutions, ATM , contactless payments in addition to Blockchain development, integration and exchange.
As per Arkin Technologies website states, as the rise of cryptocurrency continues, ARK provides safe, reliable and convenient digital currency management enabling conversion of standard currencies into virtual currencies and vice versa, including conversion to hard cash, all tracked, traded, exchanged, and redeemed seamlessly. "This is an exciting collaboration for us, and we are proud to partner with LuLu Exchange Holdings. With its focus on investments offering mutual strategic value, wide reach and unique solutions, LuLu Exchange Holdings is the right match for ARKIN and is a natural next step toward engaging and supporting the wider financial ecosystem," said Ralph Santos. He adds, "The digital revolution is rapidly transforming the financial services world and we want to be actively involved in developing new technologies and be at the centre stage where innovation is taking place. We were looking at being based out of the APAC region, but with Abu Dhabi fast emerging as the next FinTech hub, we decided to base our headquarter out of Abu Dhabi Global Market," added Ralph.
LuLu Exchange Holdings plans to take ARKIN’s expertise to offer everything from cloud banking, real-time remittances, bills payment and Prepaid MasterCard and VISA, tap payments, prepaid products, API banking and even chat applications to various markets in the region and worldwide. ARKIN's platform is armed with two-factor authentication and one of the highest encryptions in the world, with plans to move nearly 30% of LuLu’s transactions on to the digital platform by 2020.
Just last month Lulu exchange partnered with MoneyGram which is a Ripple partner. These recent actions by Lulu exchange show the resolution to move towards a more digitized offering, and could include the cryptocurrency ecosystem in the future. With plans to move nearly 30% of its transactions on to the digital platform by 2020, LuLu Exchange is committed to remain on the digital fast track. Through this new partnership, the Abu Dhabi-based companies are on track for rapid growth, with planned go-lives in the UAE, Philippines, Hong Kong and Malaysia already pencilled in.