back Back

LuLu Exchange partners with Wio Bank to launch open banking platform

By Leandra Monteiro

October 12, 2022

  • Collaborations
  • FinTech
  • LuLu Exchange

Wio Bank, LuLu ExchangeLuLu Financial Group one of UAE’s leading financial services companies has joined hands with Wio Bank, to allow Wio Business customers to make account deposits through its network of LuLu Exchange branches. The partnership significantly diversifies the scope of financial services provided by LuLu Exchange, allowing it to embed banking services with its existing FinTech capabilities.

Talking about the partnership, Adeeb Ahamed, MD, LuLu Financial Group, said, “We are excited to partner with Wio to introduce a “phygital” experience for customers in the UAE. As early adopters of open banking, our enablement platform now equips us to partner seamlessly with financial institutions that want to design hyper-local customer experiences. Our partnership with Wio is a real-world use case of how our fintech capabilities combined with our network can BETTER serve customers across the financial ecosystem.”

Prateek Vahie, Chief Commercial Officer, Wio Bank, said, “At Wio, we seek to simplify banking so customers can focus on managing their business instead. We are pleased to partner with Lulu Exchange and leverage their vast network in the UAE to help Wio Business customers deposit and withdraw funds conveniently. With this new provision, we expect to further improve access for customers and in turn, transform the banking sector in the country.”

In the first phase, LuLu Exchange has activated only a cash deposit service, with cash withdrawal set to be launched soon. Wio Business is the bank’s first digital banking application that enables freelancers and SMEs seamless access to business banking services.

With its open banking service platform now live, LuLu Exchange aims to onboard more financial institutions who can pass on the benefit of the phygital experience to their retail as well as corporate customers. The company already caters to a substantial MSME customer base who can benefit from such partnerships, being as it is among the leading facilitators of UAE’s Wage Protection System (WPS).

Previous Article

October 12, 2022

Galileo becomes Visa Ready certified as an issuer processor for its PCaaSA

Read More
Next Article

October 12, 2022

Tugende closes pre-Series B funding by raising $10m

Read More

IBSi Daily News Analysis


February 23, 2024


Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

February 23, 2024

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023