LuLu-Phils International Exchange, Inc. a subsidiary of the UAE-based LuLu Financial Group, has received approval from Bangko Sentral ng Pilipinas (BPS) to diversify into electronic money.
BSP has granted the electronic money issuer (EMI) license, which allows LuLu-Phils International Exchange to move into the digital wallet space. LuLu-Phils International Exchange is currently engaged in remittances and currency exchange.
“This is a historic moment for our company. We are thankful to Bangko Sentral ng Pilipinas for issuing this license. Having our own e-money license is a key element of our APAC expansion and will allow us to offer a wider range of financial service products to our customers,” said Adeeb Ahamed, Managing Director, LuLu Financial Group.
The new EMI license enables the company to offer customers wallet to wallet, wallet to bank account transfers, bill payments, recharge, and merchant payments.
LuLu-Phils. International Exchange, Inc. headquartered in Manila, Philippines began its commercial operations in May 2014. The financial services company currently has five branches in the Philippines including two at Ninoy Aquino International Airport (Terminal 1 and 3) and one each at Clark International Airport, Robinsons Place Mall in Las Pinas City and Ermita in Manila.
“We’re always looking to deliver better and faster financial service to our customers and this license will enable us to provide a wide product portfolio and ensure significant savings for our customers,” added Adeeb Ahamed.
An ISO 9001: 2015 certified organization, LuLu Financial Group has more than 200 branches in 11 countries worldwide, including Hong Kong and the Philippines in APAC region. The company plans to expand into further countries in the APAC region, focussing on the digital space.
The company has been at the forefront of the digital financial services space and has launched its LuLu Money app, in UAE, Kuwait, Bahrain and Qatar. The app allows super quick and easy money transfers and has various features including instant online transactions, payment tracking in real time, rate alert setting and payment history, among others.