Luup to tap potential of ME remittance industry.
DUBAI - Mobile financial solutions provider Luup outlined key success factors for building a seamless remittances ecosystem that enables migrants in the Middle East to easily transfer funds to challenging geographies such as Indonesia.
At the Money Transfer Dubai, or MTD, conference recently held by the International Association of Money Transfer Networks, Oslo-based Luup demonstrated its solutions on its stand as well as speaking on the conference stream "Business opportunities and Challenges."
"Mobile technology enables such efficient services, yet they depend on cooperation and the building of payments gateways, seamless remittance interconnections and cash-out facilities," Luup Asia-Pacific Regional Director Saqib Iqbal said.
The fast growing numbers of migrants in the Middle East, Indonesians in particular, are set to benefit from this increased convenience. The UAE, for example, ranks fourth globally with its sending volume to Indonesia and Luup already has an established payments gateway serving users in the region.
Luup's presence in the Middle East provides the Indonesian company with access to more sending institutions and other key partners.
In 2010, inbound remittances to Indonesia amounted to Dh40.39 billion ($11 billion). Yet Indonesia is a particularly challenging geography due to a largely unbanked population spread over hundreds of islands. The proliferation of mobile phones though makes it highly conducive to mobile enabling services.
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