LuLu Exchange taps Fintech Galaxy for open banking payments in Bahrain

By Gloria Methri

LuLu Exchange, the cross-border payments provider in GCC, has announced a partnership with Fintech Galaxy in Bahrain. The partnership will see LuLu Exchange leverage Fintech Galaxy’s Open Banking Solutions to make cross-border payments faster and more convenient.

Fintech Galaxy is licensed by the Central Bank of Bahrain to offer Account Information Services (AIS) and Payment Initiation Services (PIS) in the Kingdom.

Since its entry in 2013, LuLu Exchange’s digital payment solutions have contributed to Bahrain’s digital transformation. LuLu Money, its flagship digital payments app, has consistently been rated highly for its security and convenience.

The collaboration enables seamless A2A transfers, and LuLu Exchange has become the region’s first licensed cross-border payments company to offer services using the Open Banking infrastructure.

Open Banking offers significant advantages for cross-border payments, addressing key challenges in the traditional system. By leveraging secure APIs to connect financial institutions directly, it enables faster and more convenient transactions, often nearly instantaneous, while enhancing security.

Edison Fernandez, General Manager of LuLu Exchange in Bahrain, stressed the importance of using Open Banking services in the Kingdom, which aligns with the Kingdom’s push towards a more democratised financial services sector. “Our collaboration with Fintech Galaxy marks a significant milestone in our journey towards redefining financial services in Bahrain. Together, we are poised to unlock new opportunities and deliver unparalleled value to our customers.”

Commenting on the collaboration, Mirna Sleiman, Founder & CEO of Fintech Galaxy, said, “By combining our expertise and resources, we aim to deliver cutting-edge financial services that empower consumers and businesses alike.”

The partnership with Fintech Galaxy gives LuLu Exchange a first-mover advantage, making it the first Money Changer in the market with Open Banking enablement. Additionally, the parties will explore new use cases powered by Open Banking capabilities, paving the way for innovative financial solutions in Bahrain and beyond.