Latest news with #SNPL
Business Recorder
17-05-2025
- Business
- Business Recorder
ABHI partners with LuLu Financial Holdings
KARACHI: Pakistan's fintech ABHI, through its Middle East chapter, has partnered with LuLu Financial Holdings, a leading global financial services conglomerate, to enhance financial inclusion and improve access to timely remittance solutions. As part of the partnership, workers in the UAE will be able to access their earned wages instantly and remit funds to their families back home through LuLu Exchange without having to wait for payday. Through this initiative, workers in the UAE will benefit from Earned Wage Access (EWA) and Send Now, Pay Later (SNPL) services, giving them greater financial flexibility and control over their income. By offering instant access to earned wages and enabling timely remittances, the partnership addresses a key financial need among expatriate workers, empowering them to support their families with greater ease and security. Abhi, an embedded finance platform specializing in technology-driven solutions, will provide the operational framework for LuLuFin. This will enable customers to access their earned wages before their scheduled payday while also allowing employees to send money internationally instantly with the flexibility to defer payment. The service will be rolled out across all major corridors, with the launch for Pakistani customers scheduled for May. Commenting on this development Thampi Sudarsanan, Chief Executive Officer LuLu Exchange UAE, said that this partnership with ABHI represents a bold step toward redefining financial connectivity for global diasporas. By leveraging cutting-edge technology, we aim to create a seamless bridge for expatriates to support their families, setting the stage for a future where financial inclusivity knows no borders, he added. Omair Ansari, Co-Founder & CEO of Abhi Middle East Limited, said that the partnership with LuLu Financial Holdings marks a significant step-in enabling expatriates to access their hard-earned wages seamlessly and support their families back home without financial strain. By integrating ABHI's technology with Lulu's extensive market expertise, we are dedicated to promoting financial inclusion and providing underserved communities with greater flexibility and convenience in managing their finances, he added. This partnership underscores LuLuFin's commitment to enabling economic empowerment through innovative financial solutions. By joining hands with ABHI, a pioneer in digital financial services, the initiative will ensure that individuals and small businesses gain access to timely credit, which can be instrumental in fostering entrepreneurial growth and uplifting communities. Copyright Business Recorder, 2025
Finextra
15-05-2025
- Business
- Finextra
LuLu embeds with Abhi Middle East Limited
LuLu Financial Holdings, a leading global financial services conglomerate, has partnered with Abhi Middle East Limited to enhance financial inclusion and improve access to timely remittance solutions. 0 As part of the partnership, workers in the UAE will be able to access their earned wages instantly and remit funds to their families back home through LuLu Exchange — without having to wait for payday. Through this initiative, workers in the UAE will benefit from Earned Wage Access (EWA) and Send Now, Pay Later (SNPL) services, giving them greater financial flexibility and control over their income. By offering instant access to earned wages and enabling timely remittances, the partnership addresses a key financial need among expatriate workers, empowering them to support their families with greater ease and security. Abhi, an embedded finance platform specializing in technology-driven solutions, will provide the operational framework for LuLuFin. This will enable customers to access their earned wages before their scheduled payday while also allowing employees to send money internationally instantly with the flexibility to defer payment. The service will be rolled out across all major corridors, with the launch for Pakistani customers scheduled for May. Thampi Sudarsanan, Chief Executive Officer - LuLu Exchange UAE, said: 'This partnership with ABHI represents a bold step toward redefining financial connectivity for global diasporas. By leveraging cutting-edge technology, we aim to create a seamless bridge for expatriates to support their families, setting the stage for a future where financial inclusivity knows no borders.' Omair Ansari, Co-Founder & CEO of Abhi Middle East Limited, stated: 'The partnership with LuLu Financial Holdings marks a significant step in enabling expatriates to access their hard-earned wages seamlessly and support their families back home without financial strain. By integrating ABHI's technology with Lulu's extensive market expertise, we are dedicated to promoting financial inclusion and providing underserved communities with greater flexibility and convenience in managing their finances.' This partnership underscores LuLuFin's commitment to enabling economic empowerment through innovative financial solutions. By joining hands with ABHI, a pioneer in digital financial services, the initiative will ensure that individuals and small businesses gain access to timely credit, which can be instrumental in fostering entrepreneurial growth and uplifting communities.
Mid East Info
14-05-2025
- Business
- Mid East Info
Botim Officially Launches ‘Send Now, Pay Later' Feature to Enhance Financial Flexibility for UAE Expats - Middle East Business News and Information
Dubai, United Arab Emirates: Astra Tech, the UAE-based consumer technology holding group, has announced the launch of the 'Send Now, Pay Later' (SNPL) feature within its Botim Ultra App. This feature enables users to instantly remit up to AED 5,000 to over 200 countries, offering them the flexibility to repay over a period of six months. SNPL is designed to address urgent financial needs and enhance remittance accessibility, particularly for expatriates in the UAE who may face challenges accessing formal credit systems. The feature provides users with a secure, deferred payment mechanism for international transfers, directly embedded within the Botim experience. The SNPL feature comes at a time of significant growth in the digital remittance sector. With the UAE's digital remittance market projected to reach $1.5 billion by 2030, Botim's SNPL feature is well-positioned to play an integral role in shaping this evolution. It reinforces Botim's position as a key enabler of accessible, tech-driven financial solutions, aligning with the UAE's broader digital economy ambitions. 'The introduction of the 'Send Now, Pay Later' feature on Botim marks a significant step in our mission to enhance financial inclusion in the UAE,' said H.E. Dr Tariq bin Hendi, CEO and Board Member of Astra Tech and Botim. 'By offering a secure, flexible remittance solution, we are meeting the real financial needs of the expatriate community, empowering them to support their families. This innovation aligns with the UAE's broader commitment to foster financial inclusion and literacy, positioning the nation as a global leader in inclusive growth and sustainable development.' While the concept was initially announced in 2024, the official launch is backed by a Finance Company License granted to Astra Tech's Quantix subsidiary by the Central Bank of the UAE (CBUAE). The rollout reflects strong user interest and Astra Tech's continued focus on delivering embedded financial services that respond to evolving consumer needs. The feature was unveiled at the Dubai Fintech Summit 2025, further reinforcing Astra Tech's role in shaping the future of integrated fintech offerings in the region. This latest feature is a key step in Botim's mission to transform into an ultra-app delivering more than just messaging services. With features like SNPL, Botim is advancing financial empowerment by expanding access to flexible and embedded remittance options for underserved users. About Astra Tech: Astra Tech is the leading consumer technology holding group in the MENA region, focused on transforming everyday services through its Ultra app. The group's portfolio includes PayBy, Botim, and Quantix. PayBy holds Stored Value Facility (SVF) and Retail Payment Services (RPSCS) licenses, further solidifying Astra Tech's position in the financial technology sector. Quantix is the first fintech in the UAE to receive a Finance Company License from the Central Bank of the UAE (CBUAE) since 2008. The Ultra app, developed under Botim, operates in 155 countries, serves over 150 million users, providing more than just free VoIP calling and has also integrated services such as international money transfers, bill payments, and UAE visa services. Astra Tech is committed to advancing technology and enhancing user experience across the region.
