Speech by Luup and NBAD at MMT Global Conference shares insights on first launch in Middle East of international money transfer with MoneyGram via mobile phones

MMT, Dubai - October 25th, 2010 - The mobile money service market is growing at a phenomenal pace and a report by analysts Gartner states that transactions will total US$4.5 billion by 2012. Further, an estimated annual growth of remittances in the Gulf Cooperation Council region alone is pegged at over 20 percent in the next five years.

At the Mobile Money Transfer (MMT) Global Conference in Dubai, United Arab Emirates (UAE), leading provider of mobile payments solutions Luup highlighted how it is establishing the UAE as a key mobile remittances gateway by partnering with companies across the ecosystem.

In a speech given together with the National Bank of Abu Dhabi (NBAD), Luup shared the successful case study of the first launch of international money transfer using MoneyGram via mobile phones in the Middle East.  Luup also pointed to its strategy of expanding the ecosystem further by building partnerships with countries receiving remittances from the GCC region.

"With an exceptionally large migrant population, the size of the remittance market in the Gulf Cooperation Council (GCC) alone is nearly US$50 billion," said Morten Hofstad, Regional Director Middle East, Northern Africa and Asia, Luup. "The region also has one of the highest mobile phone penetration rates in the world, as mobile phones are a key tool for these mostly unbanked migrants. Based on the region's potential, the MMT conference is a great opportunity to share experiences and ideas that can pave the way for mobile money transfer initiatives globally."

Luup, a gold sponsor of the MMT Conference, has a successful partnership in place across the UAE with the National Bank of Abu Dhabi (NBAD). Recently a tie-up between NBAD and MoneyGram was added, enabling mobile phone international remittances to more than 200,000 locations across 190 countries and territories around the globe. This was the first launch of international money transfer via mobile phones in the Middle East.

The agreement between MoneyGram and NBAD makes it easier and more convenient for consumers in the UAE to send international money transfers via their mobile phones.  Through this service, migrants and other consumers can transfer funds directly from their NBAD or prepaid account to persons outside the UAE via mobile phones.

At the heart of service is NBAD's Arrow service, developed with Luup and launched two years ago as the country's first mobile phone money transfer and payment service for current account holders. NBAD and Luup then increased the range of Arrow services to include transfers from general prepaid cards. Offering international remittances through MoneyGram was the culmination of intensive work the partners undertook in developing this new service.

Ahmed Alnaqbi, Senior Manager Channels and Electronic Banking Services at NBAD commented: "NBAD is proud to play a significant role in this project which paves the way for a smoother, secure and convenient electronic money transfers." The service is growing in popularity with an increased customer base, and trust in mobile payments has increased since the launch. With a seamless mobile payments gateway established in the region, Luup is well on its way to expand with new partners in the ecosystem to set the trend for future growth.

At MMT, visitors can find out more on the Luup stand, number 30. Luup will also be discussing the future of m-banking through a panel session attended by leading figures in the industry.

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About Luup
Luup leads with banking-grade mobile payments solutions that enable organisations to securely and profitably transform the way financial services are delivered.  The company offers innovative technology that solves customers' business challenges, giving access to new cost-saving and revenue-generating solutions. Luup has proven best-practice experience and has been developing, deploying and running mobile money managed services since 2002.

Luup's commitment to success extends to the creation of an extensive payments gateway. This enables customers to easily expand their own business reach with Luup's high profile partners. The company devises strategies for financial institutions such as Deutsche Bank's Global Transaction Banking Group and leading UAE bank, the National Bank of Abu Dhabi amongst others. Luup's industry leading technology integrates Temenos T24 and Microsoft components.  

For additional information visit the Luup website www.luup.com

Luup and the Luup logo are registered trademarks of the Luup Group of Companies. Any other company or product names mentioned herein may be trademarks of their respective companies.

© Press Release 2010