LuLu Financial Group gets EMI licence in Philippines

LuLu-Phils International Exchange, Inc. a subsidiary of the UAE-based LuLu Financial Group, received approval from Bangko Sentral ng Pilipinas (BPS) to diversify into electronic money. The electronic money issuer (EMI) licence allows LuLu-Phils to move into the digital wallet space. The Exchange is currently engaged in remittances and currency exchange.

“This is a historic moment for our company. We are thankful to Bangko Sentral ng Pilipinas for issuing this licence. Having our own e-money license is a key element of our APAC expansion and will allow us to offer a wider range of financial service products to our customers,” said Adeeb Ahamed, Managing Director, LuLu Financial Group.

The new EMI licence enables the company to offer customers wallet to wallet, wallet to bank account transfers, bill payments, recharge, and merchant payments. LuLu-Phils. International Exchange, Inc. headquartered in Manila, Philippines began its commercial operations in May 2014.

The financial services company currently has five branches in the Philippines including two at Ninoy Aquino International Airport (Terminal 1 and 3) and one each at Clark International Airport, Robinsons Place Mall in Las Pinas City and Ermita in Manila. “We’re always looking to deliver better and faster financial service to our customers and this licence will enable us to provide a wide product portfolio and ensure significant savings for our customers,” added Adeeb Ahamed.