KEY TAKEAWAYS
- Circle Internet Group, Inc. has incorporated in the Abu Dhabi Global Market, expanding its presence in the Middle East and Africa.
- Circle has partnered with LuLu Financial Holdings to enhance remittances and cross-border payments using USDC.
- The partnership aims to improve financial inclusion and accessibility in high-traffic remittance corridors across the Middle East.
- Circle’s collaboration with LuLuFin leverages blockchain technology to increase liquidity and reduce volatility in cross-border transactions.
Circle Internet Group, Inc., a global digital financial technology firm, has announced its incorporation in the Abu Dhabi Global Market (ADGM), marking a significant step in its strategic expansion into the Middle East and Africa. This development is part of Circle’s broader mission to enhance financial markets through reliable and regulated blockchain solutions.
In conjunction with this incorporation, Circle has partnered with LuLu Financial Holdings (LuLuFin), one of the largest financial services conglomerates in the Middle East. The partnership aims to facilitate remittances and cross-border payments using USDC, Circle’s fully-reserved digital dollar. This initiative is designed to improve financial inclusion and accessibility, particularly in high-traffic remittance corridors across the Middle East.
Enhancing Remittances and Cross-border Payments with LuLuFin
LuLu Financial Holdings operates extensively across the Gulf Cooperation Council (GCC), the Indian sub-continent, and the Asia-Pacific (APAC) region, managing over $10 billion in annual transactions. Through the partnership with Circle, LuLuFin will optimize remittances and cross-border payment flows using USDC, initially focusing on corridors between the Middle East, Asia, and Europe.
By leveraging USDC, LuLuFin aims to benefit from increased liquidity and reduced volatility, while utilizing the speed, immutability, and traceability of blockchain technology. Jeremy Allaire, Co-founder and CEO of Circle, emphasized the significance of this partnership in advancing cross-border payments within dynamic remittance corridors.
“This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors,” said Allaire during Abu Dhabi Finance Week. “By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region.”
Adeeb Ahamed, Managing Director of LuLu Financial Holdings, highlighted the collaboration’s role in enhancing cross-border payment experiences. “Our partnership with Circle reflects our unwavering commitment to innovation,” Ahamed stated, noting the transformative power of blockchain technology in redefining remittance experiences.
Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Circle’s incorporation, noting the potential for technological innovation and next-generation financial applications in the region. “Circle’s products represent a powerful platform for intelligent financial services,” Ramamurthy added, emphasizing ADGM’s position as a global financial powerhouse.
Miriam Kiwan, VP, MEA at Circle, reiterated the importance of the Middle East as a crucial frontier for Circle’s mission. “By collaborating with impactful partners like LuLuFin, we aim to transform how cross-border payments are conducted,” Kiwan said, highlighting the potential benefits for individuals and businesses throughout the region.
For more details, the official announcement can be found here.
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