LuLu Exchange partners with Fintech Galaxy to enable A2A payments in Bahrain

Cross-border payments company LuLu International Exchange has partnered with Fintech Galaxy to facilitate account-to-account payments in Bahrain.

By enabling A2A transfers, LuLu Exchange has become the region’s first licensed cross-border payments company to offer services using Open Banking infrastructure.

Fintech Galaxy is licensed by the Central Bank of Bahrain to offer account information services and payment initiation services in the Kingdom.

Mirna Sleiman, founder and chief executive officer, Fintech Galaxy

Through the partnership, LuLu Exchange is leveraging Fintech Galaxy’s Open Banking solutions, ‘FINX Connect’, to improve the ease and speed of cross-border payments in Bahrain.

LuLu Exchange entered Bahrain in 2013 and, since then, has established 18 customer engagement centres across the Kingdom, while its digital payment solutions have played a role in the country’s digital transformation.

Together, LuLu Exchange and Fintech Galaxy will explore new use cases driven by Open Banking capabilities, thereby “paving the way” for more innovative financial solutions in the region.

Edison Fernandez, general manager at LuLu Exchange, said using Open Banking services in Bahrain aligns with the Kingdom’s push towards a more democratised financial services sector.

“Our collaboration with Fintech Galaxy marks a significant milestone in our journey towards redefining financial services in Bahrain,” Fernandez added.

“Together, we are poised to unlock new opportunities and deliver unparalleled value to our customers.”

Mirna Sleiman, founder and chief executive officer of Fintech Galaxy, highlighted the partnership’s potential to drive innovation and foster financial inclusion in Bahrain.

“By combining our expertise and resources, we aim to deliver cutting-edge financial services that empower consumers and businesses alike,” Sleiman said.

Last month, Fintech Galaxy received approval from the Central Bank of Jordan to enter its regulatory sandbox, JoRegBox, in which to test and deploy its Open Banking services within a controlled, real-market framework.