Following this announcement, the partnership is set to leverage USDC, Circle’s fully-reserved digital dollar in order to facilitate cross-border payments. This will accelerate LuLuFin’s strategy of adopting secure and improved digital solutions, as well as the plan to provide customers with optimised financial services.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, as well as prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Through this collaboration, LuLuFin, through its payments’ orchestration platform Digit9, will have the possibility to optimise remittances and cross-border payment flows using USDC, initially targeting corridors between the region of Middle East and Asia. Digit9 was developed in order to simplify the complexities of cross-border payments, integrating an array of payment methods, banks, and service providers. By leveraging USDC, Digit9 is expected to benefit from increased liquidity and reduced volatility, while leveraging the speed, immutability, and traceability of blockchain technology as well.
At the same time, by utilising blockchain technology, the collaboration is set to deliver near-instant payments with reduced transaction costs, increased liquidity, as well as enhanced traceability. This development also aligns with LuLuFin’s commitment to innovation and its overall mission to design secure, efficient, and accessible financial services for its customers. Furthermore, by incorporating in the ADGM and collaborating with LuLuFin, Circle aims to strengthen its commitment to advancing the digital asset economy in the region. The companies will focus on providing secure solutions and enhancing access to efficient digital financial offerings, thereby contributing to the broader development of the digital economy.
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