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LuLu Exchange remains at the forefront of technological innovation in the remittance sector

Remittances play an important role in the development of Philippines’ economy and is a major source of income for many families. With personal remittances in August rising 6.4 per cent to $20.72 billion from $19.48 billion in the same period last year, according to Bangko Sentral ng Pilipinas (BSP) reports, Philippines’ remittance growth is on an upward growth trajectory. Data also shows that the bulk, or 82.5 per cent, of the cash remittances in the first eight months came from the GCC, U.S., Singapore, Japan, the U.K., Germany, and Hong Kong.

At present, some 12 million Filipinos live and work abroad, with the UAE being home to a large section of that population. Assisting remittances to Philippines is LuLu Exchange, an ISO 9001: 2015 certified organisation, which has over the years grown to become the leading financial services brand trusted by expats to send their hard-earned money home.

With products like ‘LuLu Now’, which allows immediate credit to designated bank accounts instantly, LuLu Exchange remains at the forefront of technological innovation in this sector. The upcoming ‘LuLu Money’ app will have various features including instant online transactions, payment tracking in real time and payment history, among others. With plans to move nearly 30 per cent of its transactions on to the digital platform by 2020, LuLu Exchange is committed to remain on the digital fast track.

Besides remittances, customers can exchange foreign currency at competitive rates and avail other valueadded services like the purchase of national bonds and mobile top-up for their home country, among others. The organisation also offers the Gold Card, which allows customers to obtain a host of benefits at LuLu Exchange bureaus, and discounts at various other shopping and hospitality partners.

LuLu Exchange has also introduced e-signing facility at its branches. The option allows customers to verify the details of the transaction and digitally sign on the receipt presented to them on the e-tablet present on the counter, which then automatically sends the copy to customer’s email address. Customers are also provided the physical copy of the receipt containing the signature if required by them.

LuLu Exchange, which has been voted a Superbrand two years in a row – in 2016 and 2017, currently has over 170 branches spread across the UAE, Oman, Kuwait, Qatar, Bahrain, India, Seychelles and Philippines.