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The recent launch of the “Zero Bureaucracy” initiative by the Central Bank of the UAE, which falls under the broader “Zero Government Bureaucracy” program by the UAE Government, marks a pivotal step in simplifying government procedures and enhancing operational efficiency.

As one of the most trusted names in the country’s financial community, LuLu Exchange proudly commits to supporting this visionary initiative.

This transformative programme aims to simplify procedures, eliminate redundancy and make things easier for both individuals and businesses. The objectives include eliminating at least 2,000 government procedures, minimizing procedure times by at least 50%, and removing all unnecessary processes.

The CBUAE, in collaboration with the Prime Minister’s Office, recently organized a workshop to discuss the mechanisms for implementing the Zero Government Bureaucracy program. Participants explored various initiatives aimed at eliminating bureaucracy by simplifying and reducing procedures, expediting service delivery, and innovating new government procedure patterns.

As a leading financial services provider, LuLu Exchange recognizes the importance of efficient and streamlined processes. The principles underlying this initiative resonates with our own objective of providing a reliable and seamless financial experience for our customers.

As we continue to innovate and improve, we look forward to contributing to the broader goals of the “Zero Bureaucracy” initiative and playing our part in creating a more prosperous future for the nation.

LuLu Exchange proudly hit another milestone in its growth and success with the inauguration of the 100th customer engagement centre at Q1 Mall, Al Warqa, Dubai. This historic achievement reinstates the company’s commitment to enhancing customer experience and expanding its reach in the region. The newly opened customer engagement centre takes the tally of global engagement centres under LuLu Financial Holdings to 314.

The milestone 100th Customer Engagement Centre was inaugurated by Mr. Satish Kumar Sivan, Consul General of India, Dubai, alongside Mr. Adeeb Ahamed, Managing Director of LuLu Financial Holdings in the esteemed presence of the company’s senior management and key dignitaries from the financial industry. LuLu Exchange’s remarkable growth is a testament to its dedication to providing essential financial services. This Customer Engagement Centre is a significant step forward, reflecting the company’s commitment to the community.

The company’s commitment to a value-driven approach is evident in every aspect of the operations, ensuring integrity and customer satisfaction. LuLu Exchange actively works towards financial inclusion, recognizing the importance of accessible financial services for all. This commitment aligns with the company’s broader vision of making a positive impact on the communities and environment with a focus on sustainability. The persistent support from the leadership and governance of the UAE has been instrumental in LuLu Exchange’s growth journey. The nation’s strategic vision and commitment to excellence have provided a solid foundation for the company’s success. LuLu Exchange remains dedicated to upholding high standards in financial services, with gratitude for the trust placed in them by millions.

Since LuLu Exchange’s establishment in 2009, marked by the inauguration of the first Customer Engagement Centre in Abu Dhabi, LuLu Exchange has undergone a significant transformation, evolving into a diversified leader within the global payments industry. Over the past 15 years, the company has expanded its presence across all seven emirates of the UAE, making a substantial impact on the financial landscape.

LuLu Exchange has consistently demonstrated remarkable growth over the last decade, aligning with the growing demand for remittance services, and established itself as a trusted global financial service provider. This underscores LuLu Exchange’s integral part in the global financial landscape and further reinforces its unwavering dedication to providing secure and transparent cross-border payment solutions.

This accomplishment is made possible through its extensive network of customer engagement centres throughout the UAE and the proprietary LuLu Money digital payments app, reflecting the company’s unwavering commitment to excellence in financial services. As LuLu Exchange continues to evolve and grow, its legacy of innovation and customer-centric initiatives remains a driving force in the dynamic landscape of global financial services.

Abu Dhabi-based LuLu Financial Holdings (LFH), a global leader in the financial services industry,
opened yesterday its 250th global branch in Dubai’s Silicon Central Mall.
The numbers speak volumes about the company’s ambitious rise: 13 years, 250 branches, and 10
countries. The milestone branch, which adds to the company’s growing network across the UAE and
nine other nations, was inaugurated by Dr Aman Puri, consul general of India, in the presence of the
holding company’s managing director, Adeeb Ahamed, and other senior management.
Ahamed said: “Today’s opening is a celebration of the amazing journey we have had as a team, and
the many opportunities we have converted to emerge as a trusted brand. As one of the leading
players in the financial services sector, not just in the UAE but also in our other markets, we have
been credited for being attuned to the sector’s needs.

“Our efforts to bridge the gap between our consumers and our various physical and digital
touchpoints are a key part of our growth story, and the 250th branch is a mark of our determination
and perseverance to disrupt the global payments ecosystem.”
The opening of the milestone branch was followed by two more branch openings on the same day at
Al Majaz and Maaza regions of Sharjah in the UAE.

An ISO: 9001 certified conglomerate, Abu Dhabi-based LuLu Financial Holdings has various
investments in financial services, including remittances, foreign currency exchange, structured
finance for MSMEs, and microfinance for retail consumers in India. Cumulatively, it processes annual
transactions of over $11bn, serving over 15mn customers across various regions.

The prestigious Asian Business Leadership Forum (ABLF) Awards 2022, held under the patronage of Sheikh Nahyan Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, and in partnership with the UAE Ministry of Economy and Dubai Cares, was held on Tuesday at a glittering ceremony at the Dubai Expo.
Sheikh Ahmed bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority; Chairman and Chief Executive of Emirates Airline and Group; and Chairman of the Expo 2020 Dubai Higher Committee, graced the occasion as chief guest to felicitate 20 iconic industry stalwarts for their role in sustainable progress.
The ABLF Awards recognises the courage, spirit and fortitude of Asian leaders who are redefining the parameters of ‘sustainable progress’ in the pandemic-ravaged world, and this year’s theme was – ‘Resilience Rising: The Great Reset’.
Some of the award winners this year include Mahinda Rajapaksa, Prime Minister, Sri Lanka (ABLF Statesperson Award); Ban Ki-Moon, former UN Secretary-General (ABLF Social Humanitarian Award); Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, Bahrain (ABLF Ambassador of Commerce Award); Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, UAE (ABLF Trailblazer Award); M.K. Stalin, chief minister, Tamil Nadu, India (ABLF Statesperson Award); Adeeb Ahamed, managing director, LuLu Financial Holdings (ABLF Outstanding Business Achiever Award); Nuseir Yassin, CEO and founder, Nas Daily and Nas Academy (ABLF Social Influencer Award); and Aroon Purie, founding chairman and editor-in-chief, India Today Group (ABLF Lifetime Achievement Award).
This year’s event also witnessed the launch of a unique initiative by the ABLF and Dubai Cares for the auction of an exclusive diamond-studded ABLF Trophy. All proceeds of the auction will be donated towards Dubai Cares’ initiatives for the education of underserved children around the world.
The awards ceremony was preceded by the ABLF Talks Roundtable Showcase – an exclusive gathering of minds to discuss on crucial socio-economic issues. The conversations held during the 45-minute session rallied around the strategies adopted by leaders to help their organizations and communities recover from the impact of the pandemic.

The meetings between an Emirati delegation, led by Abdullah bin Touq Al Marri, Minister of Economy, and the Indian business community began yesterday in India, with a series of interactive sessions. The meetings addressed promising investment opportunities across various strategic sectors in both countries under the framework of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), as well as briefs on the features and services offered to the business community under the agreement.
The meetings on the first day saw the participation of Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; Dr. Ahmed Abdulrahman Al Banna, UAE Ambassador to India; Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy; Faisal Al Hammadi, Acting Assistant Under-Secretary for Entrepreneurship and SMEs; and several Emirati business leaders.
The meetings were also attended by Sunjay Sudhir, Ambassador of India to the UAE; Yusuff Ali, Chairman and Managing Director of LuLu Group; Rajan Navani, Chairman of the Confederation of Indian Industry, and a large group of Indian business leaders and investors.
Al Marri said that the CEPA between the two countries had crowned their deep-rooted strategic relations, which are supported by their leaderships, stressing that the prompt drafting and enactment of the 800-page CEPA agreement underscores their countries’ keenness to enhance their partnership for the good of their peoples.
The Emirati delegation visited India to elaborate on the facets of such an important agreement, which is drafted with a flexible framework that provides for future amendments, if needed, as well as to highlight key investment and trade opportunities in both countries, he added, noting that future areas of cooperation include the digital economy and intellectual property.
In a statement to the Emirates News Agency (WAM), Dr. Al Falasi said the UAE delegation’s visit to India aims to present investment opportunities and enable small and medium-sized enterprises (SMEs) and startups in both countries to optimally leverage facilities offered through the CEPA. He affirmed that SMEs are the backbone of the global economy, as the ministry is working on ensuring the growth of SMEs to reduce their dependence on regional exports and enable them to expand in Asia through India, which will drive business in both countries and open global markets for such companies.
For his part, Ambassador Al Banna said, “The CEPA between UAE and India has opened new avenues and opportunities for both the countries. It has the potential to unleash a golden era in our bilateral relations. We concluded CEPA in record 88 days, which reflects the immense desire from both sides to exploit opportunities and benefit the economies of our countries in many sectors. I have every hope that the CEPA will do wonders to deal with unemployment and enhance trade, investment, manufacturing and ‏services.”
Speaking to WAM, Sudhir said that the second visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India in 2017 saw the signing of 17 agreements between the two countries.
The Indian Ambassador explained that their main goal is to boost the value of bilateral trade to US$100 billion in the next five years, and expressed his confidence of its achievability.
Yusuff Ali said, “As a UAE-based business group with a large presence in India, especially in the retail and food processing sectors, we hope that our imports from India will witness new levels of growth.”
Adeeb Ahmed, Managing Director of LuLu International Exchange, said the CEPA would help expand the avenues of digital trade and enhance trade regulations between the two countries, noting that its framework will further boost consumer confidence in digital trade, which will drive the sector and accelerate digital transformation across the global economy.
The UAE delegation includes representatives of government and private entities, including the Ministry of Economy, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Industry and Advanced Technology, the General Civil Aviation Authority, the Abu Dhabi Department of Economic Development, the Abu Dhabi Chamber of Commerce and Industry, Dubai’s Department of Economy and Tourism, Dubai Multi Commodities Centre, the Sharjah Investment and Development Authority (Shurooq), Sharjah FDI Office, the Sharjah Chamber of Commerce and Industry, the Jebel Ali Free Zone (Jafza), the Ras Al Khaimah Economic Zone (RAKEZ), the Department of Economic Development in Fujairah, the UAE International Investors Council, Abu Dhabi Ports Group, Masdar, DP World, Wizz Air Abu Dhabi, flydubai, Lulu Group International, Sharaf Group, Kanoo Group, Silal Company, and others.

The Comprehensive Economic Partnership Agreement between India and the UAE will boost the remittance corridor between the two countries as well as create a supportive environment to build interoperable digital solutions, according to leading financial services company LuLu Financial Holdings.
The Abu Dhabi-headquartered LuLu Financial Holdings, which is into cross-border payments among other areas, has substantial investments in the UAE and India. It has presence in 11 countries and manages transactions worth over USD 8 billion annually.
The CEPA between India and the UAE was signed on February 18, and came into force from May 1. The agreement covers trade in goods, rules of origin, trade in services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, dispute settlement and digital trade, among other areas.
“The relationship between UAE and India is at the highest peak at this time… there is a lot of interest by UAE companies to invest in India… CEPA is going to be the foundation on which things are going to be built,” LuLu Financial Holdings’ Managing Director Adeeb Ahamed told PTI.
Ahamed, who is in the national capital as part of a high-level UAE delegation visiting India, said it was all about creating that underlying foundation from which many sectors can benefit — trade, goods, services and digital.
According to him, CEPA will create a supportive environment for investors and existing players in both countries to build interoperable digital solutions keeping the huge potential of the two economies.
With the fintech industry growing significantly in India and UAE, he said it was imperative to make payments affordable for the masses and that requires greater access to critical technologies, new investments and homegrown solutions that can enable real-time money transfer on mobile payment solutions.
The CEPA, which also considers the prospects of digital trade between the two countries, mentions about offering service providers with an open and non-discriminatory environment for cross-border trade in financial and insurance services.
Noting that the agreement represents an ongoing effort to ease the multi-billion trade corridor between the two countries, Ahamed said that from a payments industry perspective, it will help boost the UAE-India remittance corridor.
“At USD 20 billion plus, this is the world’s second largest corridor after US-Mexico and contributes 33 per cent of the inward remittance volume to India,” he pointed out.
Creating a favourable ecosystem to serve financial services, will lead to greater data protection, and lower financial crime as well, Ahamed said, adding that both countries might well aspire to become a springboard for companies looking to build meaningful solutions, for both MENA and the South Asian regions.
MENA refers to the Middle East and North Africa.
With respect to cross-border payments, as per estimates, fees imposed on transactions in the UAE-India corridor is among the lowest globally at around 5.31 per cent, which is below the global average of 6.3 per cent for sending USD 200.
Studies have suggested that cutting prices by at least 5 percentage points can save up to USD 16 billion a year in savings globally, and considering the volume of transactions conducted annually, fintech holds the potential to lower transaction costs even further, Ahamed noted.
Before signing the pact with the UAE, India had last inked a CEPA with Malaysia back in 2011.
The latest CEPA covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7,581 tariff lines), respectively. India will benefit from preferential market access provided by the UAE on over 97 per cent of its tariff lines which account for 99 per cent of Indian exports to the UAE in value terms, according to a release issued by India’s commerce and industry ministry in March.
India will also be offering preferential access to the UAE on more than 90 per cent of its tariff lines, including lines of export interest to the UAE.
Yusuffali MA, Chairman of Lulu Group and Vice-Chairman of Abu Dhabi Chamber of Commerce, said that with the signing of CEPA, many new avenues of collaborations will open and will benefit businesses from both countries and beyond as UAE is a key gateway to Middle East and Africa. “The current bilateral trade volume of USD 53 billion is expected to double to USD 100 billion in five years”.
“As a UAE-based business group with a sizeable presence in India, especially in the retail and food processing sectors, we are hoping that our imports from India will see new levels of growth which will further strengthen the food security of UAE,” he said in a statement.

Adeeb Ahamed, Managing Director of Lulu Financial Group, has received the Bahrain golden residency visa. Ahamed was awarded the honour by Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of Bahrain. “I am humbled and delighted to receive this honor today. I thank His Majesty King Hamad bin Eisa Al Khalifa, His Royal Highness Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain and the government and people of Bahrain, for bestowing this recognition on me,” Ahamed said, after receiving his Golden Visa.
Launched in February this year, the Golden residency visa for non-Bahrainis is part of the country’s economic recovery plan to attract global talent and boost investment to Bahrain. “The Golden Visa is a benchmark of recognition that will boost Bahrain’s image as a business hub, in traditional and new-age sectors,” Ahamed added.

When the pandemic struck, experts forecast a massive dip in global remittances. These forecasts though didn’t consider the power of human emotion in connecting the world’s 200+ million migrant communities with their families back home.
Negating all forecasts, the remittance industry saw a drop of only 1.6 per cent in 2020 and went beyond expectations to record a growth in 2021. A familial bond holds an intangible value, as the numbers prove. This year, the International Day of Family Remittances – celebrated annually on June 16 – comes at a time when the world is grappling with a heightened sense of economic insecurity.
While economies will struggle and jobs affected, the migrant worker’s role in strengthening the social contract with their loved ones has gained newfound attention. The sacrifice and hardship of the world’s migrants are a precursor to the $600 billion and more remitted every year. Over 800 million families rely on this flow to supplement their income shortages and lead a qualitative life. The role of remittances in upholding the UN’s Sustainable Development Goals cannot be discounted, although it only forms half the story of family wellbeing.
Enabling financial inclusion for families
Equitable financial inclusion remains the ultimate KPI of a society in progress. In developing economies, families at the receiving end of remitted money often have little understanding of avenues for savings and investments. Yes, the money is coming in, but it’s always risky to be dependent solely on it for sustenance.
In this regard, it’s important to empower families and create opportunities for easier access to finance, as well as to invest one’s human capital into income streams to grow their standard of life. Conjoining this other half of the spectrum with the remittance economy is thus critical to ensure a migrant’s contribution reaps good dividends at a family and community level.
Financial literacy takes top priority in this regard. The onus is on multiple stakeholders connected to the financial services ecosystem to bridge the gap so that this flow of money acts as capital or source of investment for families to take the next step in wealth creation. This will ultimately have a far-reaching impact on shaping several aspects of community development by promoting entrepreneurship and a yearning for sustainable livelihood in the society.
Programs around financial literacy aren’t new, but tying their objectives with beneficiary families is bound to have a greater scope in unlocking societal development. In an uncertain world, there cannot be a bigger contribution to advance the cause of financial inclusion, while simultaneously honoring the efforts of those remitting their hard-earned money.

Both Abu Dhabi-based LuLu Financial Holdings and the Nepal – based money transfer service Samsara Remit join Aerotruth‘s commercial partner onboarding platform. Aerotruth is an Australian and New Zealand-based startup. Its online platform has been designed to make the partner business-to-business (B2B) onboarding process for fintechs, banks and other financial institutions easier. The industry is currently experiencing a heightened level of inter-sector collaboration but also remains dependent on efficient B2B partner onboarding processes.
Traditional email-based onboarding methods are time-consuming, burdening companies with cumbersome documentation exchanges. Delays and technical complexities also lead to abandonment, further magnifying the costs of inefficient onboarding processes.
In an effort to reevaluate the maintenance of this process, both LuLu Financial Holdings and Samsara Remit are to now leverage Aerotruth’s cloud-based software-as-a-service (SaaS) document repository platform. Aerotruth’s platform assists in the management of the document exchange process required between companies when onboarding new and existing commercial partners. Aerotruth’s clients can also network with each other, providing a pre-qualified avenue to partnership and network growth.
Identifying a “real and pressing global need for a safe and secure software platform for partner onboarding” Aerotruth co-founder and CEO Michael Liu remains “delighted” with the news of LuLu Financial Holdings and Samsara Remit are using the company’s platform.
Expressing that the company’s fintech arm, Digit9, was actively seeking to digitise its partner onboarding process, LuLu Financial Holdings’ head of business transformation Joseph Cleetus describes how the company found a solution in Aerotruth, sharing “Aerotruth has made that process possible, and we look forward to being a part of the Aerotruth ecosystem.”
It’s the same story for Samsara Remit, with the company’s head of business development Suraj Chhetri describing how it “wanted to move away from the manual process of onboarding our global partners” while going on to complement how the platform is “very easy to use” and “gives our partners a digital-first solution and smooth user experience when we invite them to the Aerotruth platform to submit due diligence documents.”

Implementation of mechanisms to boost financial inclusion and financial literacy remain stepping stones towards personal and business well-being and is a pre-requisite to meet several goals under the UN’s Sustainable Development Goals, according to experts at the World Economic Forum 2022 (WEF 2022) in Davos, Switzerland.
Currently, more than half the world is yet to gain equitable access to finance and this remains one of the biggest challenges facing the world today, the state-run news agency Wam reported.
Need to boost access, digitisation, and personalisation
More than 1.1 billion people worldwide are still locked out of formal financial channels due to lack of a verifiable identity.
Adeeb Ahamed, the managing director of LuLu Financial Holdings, responded to this concern calling for improved access to connect the underprivileged with prudent products.
The UAE’s Wage Protection Scheme – which is a mandatory electronic salary transfer system legal requirement in the UAE for businesses registered under the Ministry of Human Resources and Emiratisation – not only provides financial access, but also enhances digitisation, and improves the traceability of consumer spending.
Ahamed added that this is important to complement awareness about products suited to the needs of the under-served. Ahamed also suggested that while digitisation has its inherent benefits, financial institutions should remember the emotional aspect at the grassroots level.
Accordingly, financial institutions need bring in a personalised touch to their services to ensure last-mile consumers are on-boarded efficiently.
Gelsomina Vigliotti, the vice president of the European Investment Bank – which works with several developing economies on grassroots level projects – further mentioned that access to finance should come with adequate skill training & development so that the money is utilised properly.
Merely gaining financial access doesn’t guarantee growth but having a strong business case to deploy it makes the difference, she added.
Need to boost financial literacy
Addressing the need for better financial inclusion, Queen Máxima of the Netherlands opened a session at WEF 2022 saying that public and private stakeholders have to fully understand the purpose of financial inclusion and evaluate how it can result in better financial health of an individual.
Research studies have shown a significant correlation between financial inclusion and financial education. In fact, developing countries today report a financial literacy level of as low as 30 percent compared to the average of 60 percent in developed economies.
Karabo Morule, the founder of Capital Art in South Africa, stated that financial literacy is essential to drive better access to finance, adding that it would encourage people – even among the underprivileged and marginal groups – to invest.
Andre Soelistyo of GoTo Indonesia asked for greater public-private involvement to drive down the cost of moving money to zero. According to him, this is necessary to build sustainable solutions that can get people to utilise financial products suited to their well-being.
Addressing concerns around cyber fraud
Central to this point of digitisation, the conversation also touched upon various aspects of cyber fraud, especially with digital newbies having little awareness of the security involved.
Globally, cybercrime is up by 600 percent as more people move online, with 67 percent of financial institutions reporting an increase in cyber-attacks over the past year.
Against this backdrop, François Villeroy de Galhau, the governor of the Bank of France, admitted that while this is a concern, there should not be a trade-off between digitisation and regulation in the march towards greater financial inclusion. He expected stakeholders to work together so that both grow in tandem with the demand.
He was also vocal about the need to bring in gamification elements into financial literacy campaigns, suggesting strongly that financial literacy cannot be done in isolation.