UAE deployment brings business accounts, payments, cross-border remittances and payroll services together on one digital platform for LuLu Money Business, laying the foundation for a broader SME financial services proposition.
DUBAI: LuLu Financial Holdings (LFH), a leading global financial services group offering cross-border payments, currency exchange and financial technology solutions, has partnered with Purpleplum, a financial technology company providing digital banking infrastructure for banks, fintechs and enterprises, to reshape how financial services are delivered to businesses in the UAE. The partnership brings Purpleplum’s core-agnostic orchestration platform into LuLu Money Business, LFH’s SME-focused financial services proposition. By connecting existing banking infrastructure, payment rails, financial products and operational workflows, the collaboration aims to simplify how businesses transact, access financial services and manage their financial operations.
The partnership was formalised in the presence of Adeeb Ahamed, Managing Director, LuLu Financial Holdings; Kalyan Karteek Sadasivuni, Co-founder, Purpleplum; and Sai Sandeep Sadasivuni, Co-founder, Purpleplum, alongside senior leaders from both organisations.
The first phase supports LuLu Money Business’s banking proposition for SME and enterprise customers. It brings together digital business accounts issued by ruya, an Islamic bank licensed by the Central Bank of the UAE, alongside payments, cards, cross-border remittances and WPS/payroll services through a single digital experience. The digital account-opening journey is supported by agentic AI workflows, with thousands of registered business applications currently under review.
The deployment builds on LuLu Exchange’s established network and longstanding relationships with businesses across the UAE. Its WPS and salary administration services already support an extensive network of businesses and employees across the UAE.
Building on this reach, LuLu Money Business aims to move beyond individual payment and remittance transactions to address a wider range of financial needs, with the ambition of building a more connected financial ecosystem for SMEs.
The opportunity is significant in a market where SMEs account for nearly 95% of companies. According to the UAE Ministry of Economy and Tourism, the country has approximately 1.33 million SMEs, which contribute 63% of GDP and account for more than 85% of private-sector jobs.
Adeeb Ahamed, Managing Director, LuLu Financial Holdings, said: “With LuLu Money Business, our focus is on making everyday financial services simpler, more connected and easier to manage for SMEs. Through our partnership with Purpleplum, we are combining its modular, core-agnostic orchestration platform with our existing infrastructure to modernise how these services are delivered and unlock greater value from established financial rails. This gives us the flexibility to introduce new capabilities over time, deepen our financial relationships with businesses and expand what LuLu Money Business can offer as their needs evolve.”
The longer-term roadmap for LuLu Money Business includes working-capital lending, invoice and trade financing, corporate credit, receivables and payables management, accounting and financial automation, and additional banking and treasury services. These planned capabilities would enable SMEs to address a wider range of financial needs through a more integrated digital experience.
The technology has been designed for potential deployment across multiple markets, creating opportunities to extend LuLu Money Business’s SME proposition beyond the UAE into LuLu Financial Holdings’ wider footprint, including the GCC, India and Asia-Pacific, subject to local regulatory and business requirements.
Purpleplum plans to build a stronger presence in the region over the next 12 to 24 months, with the UAE serving as its regional base. The company plans to expand partnerships with banks, fintechs and financial-services businesses across the GCC and wider region, while growing its local team and ecosystem of technology and financial-services partners.
Kalyan Karteek Sadasivuni, Co-founder & Managing Director, Purpleplum, said: “The Middle East is rapidly redefining the future of digital banking, driven by progressive regulation, forward-thinking institutions and a strong appetite for technological advancement. AI will play an increasingly important role in how financial institutions operate and deliver services. By combining AI-first banking infrastructure with a strong on-ground presence and local team, we aim to be a long-term technology and infrastructure partner for regional banks, fintechs and enterprises looking to build, launch and scale modern financial products faster.”
Purpleplum also plans to continue investing in its AI-native banking infrastructure, with AI becoming a core layer across the financial-services lifecycle – from customer onboarding and servicing to operations, compliance, payments and decision-making. The roadmap includes AI agents and intelligent workflows for banks and businesses, alongside capabilities across Islamic banking, embedded payments, trade finance, corporate lending and other financial services. The goal is to help financial institutions automate complex processes, improve customer experiences and launch and operate new financial products with greater speed and efficiency.
rafiq@biztoday.news
