Circle Internet Group, Inc., a global leader in digital financial technology, has reached a major milestone by establishing a new entity within the Abu Dhabi Global Market (ADGM). This development aligns with its strategy to expand across the Middle East and Africa. As part of this initiative, Circle has partnered with LuLu Financial Holdings (LuLuFin) and its affiliates, a prominent financial services group in the region, to enhance remittances and cross-border payments through Circle’s USDC, a fully-backed digital dollar.
By growing its presence internationally, Circle reaffirms its dedication to revolutionizing financial markets using dependable and regulated blockchain technology. The company’s mission emphasizes promoting financial inclusion and accessibility by leveraging stablecoin infrastructure to bridge gaps in financial services. This approach complements existing payment systems and specifically targets busy remittance corridors, such as those connecting the Middle East to other regions.
The collaboration with LuLuFin embodies this mission, deploying USDC to enable almost instantaneous transactions. This enhances operational efficiencies and reduces costs, setting a benchmark for innovation in cross-border payments.
LuLu Financial Holdings operates extensively across the Gulf Cooperation Council (GCC), the Indian subcontinent, and the Asia-Pacific (APAC) region, handling over $10 billion in transactions annually. Through this partnership, LuLuFin aims to streamline remittances and cross-border payment processes using USDC, focusing initially on routes linking the Middle East with Asia and Europe. By leveraging the unique benefits of blockchain, LuLuFin expects to gain greater liquidity, minimize volatility, and improve transaction speed, security, and transparency.
“This partnership signifies a critical advancement in cross-border payments within some of the most active remittance routes globally,” stated Jeremy Allaire, Circle’s Co-founder and CEO, during Abu Dhabi Finance Week. “By establishing a presence in ADGM and joining forces with industry leaders like LuLuFin, we are reinforcing our commitment to bolstering the digital asset ecosystem in the region. Together, we are driving innovative solutions to expand access to effective digital financial services.”
Adeeb Ahamed, Managing Director of LuLu Financial Holdings, emphasized the innovation driving this collaboration:
“At LuLu Financial Holdings, we are continually embracing blockchain technology to redefine cross-border payment experiences for our customers. This partnership with Circle is a significant stride forward in that direction, offering faster, more reliable solutions and enhancing customer satisfaction.”
Arvind Ramamurthy, Chief of Market Development at ADGM, highlighted the significance of Circle’s entry into the region:
“We are delighted to welcome Circle, a global leader in stablecoin solutions, to ADGM. With Circle’s expertise and ADGM’s dynamic financial ecosystem, this collaboration will unlock new opportunities for technological advancement and next-generation financial applications. It reinforces ADGM’s standing as a prominent global financial hub.”
Miriam Kiwan, Vice President for the Middle East and Africa at Circle, added,
“The Middle East represents a pivotal region for Circle’s mission to foster global economic growth through seamless value exchange. Partnering with influential organizations like LuLuFin allows us to reshape the landscape of cross-border payments, bringing substantial benefits to businesses and individuals alike.”
Fariha Karim