For several decades, business growth was marked by a sense of hustle behind closed doors. In a bid to protect trade secrets and unique business models, companies often coiled into a shell, seeking to explore new markets and avenues for growth in their independent way.
While this process did help establish a close-knit internal system and solid organizational foundation, in matters of expansion it was a cumbersome and long-drawn process.
The era of digitization has, fortunately, transformed the way businesses conduct themselves. Today’s businesses wish to tap into new markets at an unprecedented pace. The only way to make this happen though is by collaborating with stakeholders both within the industry and cross-linked sectors.
With terms like growth culture, 10X growth, accelerated growth and what not permeating the boardrooms of even traditional businesses, the power of partnerships has been exemplified and can no longer be ignored.
At LuLu Financial Holdings, we have adopted this spirit of collaboration quite well. By building our network through mutually beneficial partnerships, we have been able to reach out to the entire world, while creating value for our core propositions.
Today, the very mission of the holding company is to grow through collaborative partnerships. The reason for this is that the financial services ecosystem is too vast to be serviced by a handful of companies. If until two or three decades ago, companies were relatively more patient, today, profitability has to match growth if companies are to stay relevant on a global scale.
Although investors are looking for the next big thing to disrupt the sector, no one can discount the value that legacy institutions bring to the table. A partnership between these two ends of the spectrum in any sector can thus, only happen through partnerships.
Partnering to build an inclusive future
As a responsible financial services provider, we have been fortunate to build our foundation on solid experience and an agile mindset. In the greater scheme of things, partnerships have helped us build linkages, bridge gaps between our services and our customers, and create meaningful output for the ecosystem as a whole. The foundation we have built over the last ten years gives us the legroom to partner and grow, without negatively impacting what we have built so far.
For example, in Bahrain, we recently tied up with Eazypay – one of the country’s most widely used payments provider. This partnership now allows the people of Bahrain to send money home or exchange foreign currency using their bank-issued debit card at any LuLu Exchange branch in the country. This is a massive boost for us in terms of market reach and opens the doors to tens of thousands of new customers who are looking for a convenient way to conduct their cross-border payment needs. By partnering this way, we have been able to bring convenience to our existing and new customers, while simultaneously giving Eazypay an added advantage in the market.
Taking collaboration to its next level is paramount, and as we navigate this new decade, we fully realize its significance in unlocking the true potential of the sector we operate in.
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