Throughout this partnership, clients and customers of the Al Maryah Community Bank (Mbank) will be given the possibility to send money internationally through the use of Mbank UAE and Mbank Wallet application. At the same time, users will be enabled to deposit money into their accounts through any of the LuLu Exchange branches in the region.
The collaboration builds on LuLu Exchange’s ongoing associations with multiple digital banks, financial institutions, and technology companies, while also boosting the firm’s suite of fintech products, such as its Open Banking solutions and its Remittance-as-a-Service (RaaS) tools.
The Al Maryah Community Bank will also focus on accelerating the process of development for the banking services domain by designing a range of financial solutions, which will be available for its customers through optimised and secure tools, as well as fast technologies. The strategic deal is set to combine the features of LuLu Exchange’s proprietary platform technology with its country-wide branch network, in order to ensure the public and partners benefit from its reliable infrastructure.
Mbank previously allowed its users to open bank accounts in a fast and safe way by using their Emirates ID or UAE Pass. This partnership with LuLu Exchange will give customers the possibility to remit money digitally, as well as to deposit cash into their personal accounts through any LuLu Exchange branches in the UAE.
At the same time, Al Maryah Community Bank’s deal with LuLu Exchange will deliver an optimised platform, that is set to offer services to different market segments, including remittances on the digital Mbank Wallet made for household workers, which is set to be launched soon. Furthermore, international remittances will be available through a fast and secure set of steps on the Mbank UAE mobile application, at competitive exchange rates.
Both companies will focus on meeting the needs, preferences, and demands of their clients and customers while remaining compliant with the requirements and laws of the industry at the same time. The Mbank will continue to focus on optimising the banking services domain and accelerate the development of the UAE community, including the process of supporting individuals, small and medium-sized businesses (SMBs), and firms in the region at the same time.
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