UAE leads Forbes’ list of top GCC exchange houses going digital

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UAE - In a major acknowledgment of the UAE’s robust cross-border payments sector, digital transformation drive and world-class regulations, two of its leading exchange houses – LuLu Exchange and Al Ansari Exchange, have found their way to Forbes’ latest list of ‘Top 5 GCC Exchange Houses Going Digital’.

The list shines the spotlight on remittance companies in the GCC region that have been aggressively pushing for digitization of their services, in line with the efforts of their respective nations.

Kuwait based Al Mulla Exchange, Qatar based Alfardan Exchange, and Oman based Purshottam Kanji Exchange are the other companies in this list.

All five companies in the list are legacy institutions, having provided high quality services to both retail consumers and businesses over several years. They have been in news recently for their aggressive digital push and digital infrastructure investments. The companies were evaluated by Forbes on the number of app downloads, number of users and annual volume of digitally conducted transactions.

The LuLu Money app and Al Ansari Exchange app – the eponymous digital products of the UAE-based companies, have contributed majorly to the nation’s vision for a seamless and reliable digital remittance ecosystem.

Both companies serve millions of customers between them in the UAE and have been investing heavily in building state-of-the-art digital infrastructure to drive their next stage of growth.