International money transfer service company LuLu Exchange from Abu Dhabi announced that it will become a partner of Federal Bank of India. This alliance will allow the UAE firm to integrate the RippleNet Cloud network for transfers to this country. The company expects that this will reduce the commission I use Ripple, as well as reduce the time of transactions to India for millions of citizens of the country who live in the UAE.
The American fintech company said that thanks to RippleNet Cloud, cross-border transactions to India through 76 LuLu Exchange branches and the LuLu Money mobile app will be faster, cheaper, and most importantly more reliable.
Naveen Gupta, Ripple's Managing director for South Asia and the Maghreb and Middle East (MENA), noted an increase in money transfers in some corridors, including from the UAE to India, despite the pandemic.
Does this mean that we are waiting for the growth of the Ripple rate?
