“Can a GCC remittance-and-exchange operator become the embedded financial services layer for the UAE's 5M+ expatriate workforce by stacking BaaS, EWA, card issuing, and WPS payroll onto its existing trust and branch network?”
Founded as a remittance and currency-exchange operator within the LuLu retail conglomerate, LuLu Exchange has progressively broadened its mandate from branch-based money transfers into a digital financial services platform. The LuLu Money app extended reach to 170+ countries. From 2024-2025, the company layered in card issuing (Magnati dWallet), BaaS for SMEs (ruya), earned wage access (ABHI), and zero-balance IBAN accounts (Huru), positioning itself as an embedded financial services hub for the large UAE expatriate workforce.