The partnership integrates existing banking rails, payment networks, and operational workflows into a single interface. The agreement was formalized in the presence of Adeeb Ahamed, managing director of LuLu Financial Holdings, alongside Purpleplum co-founders Kalyan Karteek Sadasivuni and Sai Sandeep Sadasivuni.

The initial phase of the rollout establishes a comprehensive digital banking suite for small and medium-sized enterprises. Central to this deployment are digital business accounts issued in partnership with ruya, an Islamic digital bank licensed and regulated by the Central Bank of the UAE (CBUAE).

Through a unified application layer, LuLu Money Business brings together several operational capabilities:

Digital Islamic Accounts: Direct issuance of business accounts via ruya, providing fully regulated corporate banking infrastructure.

Agentic AI Onboarding: Digital account opening managed by autonomous AI workflows, with thousands of commercial applications currently in review.

Payroll & Compliance Rails: Native integration of the UAE’s Wages Protection System (WPS) and automated salary administration, building upon LuLu Exchange’s corporate payroll network.

Commercial Payments & Cards: Consolidated payment tools, corporate expense cards, and global remittances powered by LFH’s cross-border settlement infrastructure.

The deployment targets an underserved segment that forms the backbone of the domestic economy . According to data from the UAE Ministry of Economy and Tourism , small and medium-sized enterprises represent nearly 95 per cent of all businesses in the country . 33 million registered SMEs, the sector generates 63 per cent of national GDP and sustains more than 85 per cent of private-sector employment .

Source link