LuLu Financial Services Phils, one of the proficient financial services providers in the Philippines, has received approval from the Bangko Sentral Ng Pilipinas (BSP) and the Bureau of Customs to facilitate inter-border physical transfers of foreign currencies in the country.
LuLu Financial Services Phils receives grant to trade foreign currency banknotes
This grant is an upgrade to LuLu Financial Services’ prevalent license which allows the firm to ship banknotes to countries abroad. The countries targeted by the firm reside in the APAC region, the Indian subcontinent, and the Arab sphere (GCC).
LuLu Financial Services is chiefly owned by LuLu Financial Holdings (based in Abu Dhabi) and began operations in the Philippines in 2015. The firm has ever since bloomed into one of the most reliable services providers in the APAC region.
Managing Director of LuLu Financial Holdings, Mr. Adeeb Ahamed, stated that the Asia Pacific region is a hotspot of global financial services. He said that the import-export license gives the firm opportunities to perform more proactively in the wholesale banknotes sector. All this while keeping the Philippines as the regional hub in APAC.
Speaking about the development, Mr. Ahamed stated that LuLu Financial Holdings is backed by a widespread presence in 11 nations. He confidently indicated that the LuLu Financial Services Phils will allow the creation of meaningful profits to the economy of the Philippines. LuLu Financial Services Phils will also be the key contributor to significant domains of the financial services environment, to emerge as a principal player in the sector.
By delivering a plethora of digital products and services, inclusive of forex, monetary transfers, e-wallet, and other services, the new-fangled license allows the company to join the many exclusive financial service providers in the Philippines. LuLu Financial Services Phils will now be able to trade in the physical import-export of foreign currency banknotes.
General Manager of the LuLu Financial Services Phils, Mr. Sunil Kumar, stated that with the central bank grant, the firm was going through a breakthrough seeing that it was the sole non-bank financial institution allowed to participate in the import-export of foreign currencies. Money Services Businesses, banks, and forex dealers have supported this development and the firm continues to remain committed in its mission to provide the best standards of service to its global and inland partners, Kumar said.
LuLu Financial Services Phils holds branches at numerous strategic regions in the Philippines and is now set to spread its digital and physical presence in the coming few weeks. The firm will open new branches with the introduction of new tweaks associated with the LuLu Money Application, an e-wallet offered by the financial institution.