Redha Al-Ansari Exchange Joins Luup Ecosystem

DUBAI, UAE, November 22, 2011 -

- Growing mobile remittance infrastructure benefits hundreds of thousands expatriate workers

Redha Al-Ansari Exchange, one of the UAE’s largest exchange house networks that provides worldwide remittance and foreign exchange services, has selected Luup’s universal mobile payment platform to enable its services to be delivered through the mobile handset. The strategic partnership will enable Redha Al-Ansari Exchange to offer quicker, secure and more convenient services to all its customers.

Redha Al-Ansari Exchange and Luup sealed their partnership at an official signing ceremony attended by the Ambassador of Norway, Åse Elin Bjerke, in recognition of Luup’s achievements and the growing business cooperation between Norway and the UAE. Luup has its research and development hub in Norway. “It is inspiring to see how Luup successfully builds ties across the UAE and expands its mobile remittance ecosystem, leveraging technology from Norway,” said Åse Elin Bjerke. “Such initiatives positively affect the lives of so many who work away from home - all migrant workers in the UAE are potential users.”

Luup has previously announced partnerships with several money transfer organisations in the Middle East and South East Asia.  Adding Redha Al-Ansari Exchange, with their financial and remittance expertise, significantly extends the mobile remittance infrastructure and will bring benefits to hundreds of thousands of workers in the UAE and beyond. Users, who are mostly migrant expatriate workers, will be able to send money home easily and safely and in real time.

“Luup’s reputation in the market is that of a pioneer in mobile technology who is successfully expanding. Joining their ecosystem for mobile remittances will have clear benefits for our business as well as our customers” said Ahmed Redha Alansari, Chairman of Redha Al-Ansari Exchange.

He added: “Cutting out the need for time-consuming visits to our branches is a massive improvement in the life of migrant workers who exchange and remit money via our services. Add to that the ‘in your own time’ convenience, speed via pre-registrations and security of mobile phones versus cash and the benefits for users are clear - all competitively priced too.”

Morten Hofstad, Regional Director Middle East, Africa and India for Luup, said: “Partnering with Luup brings business benefits to Redha Al-Ansari Exchange, such as access to new customers and revenue streams as well as operational cost-savings.”

Workers are predominantly from Asia with 60% from India and large contingents also from Bangladesh and Pakistan. Luup has partnership arrangements with leading companies in these regions too; see www.luup.com/news-and-events/press-releases.aspx.

Luup CEO, Martin Wilson, explained: “Payment and Remittance options are often time consuming and complex. Luup’s universal mobile payment platform and remittance eco-system will enable Redha Al-Ansari Exchange to provide a seamless, secure and convenient service to their customers across multiple corridors.”

For further information on Luup see www.luup.com

Luup and the Luup logo are trade marks of the Luup Group of Companies. All other company or product names mentioned herein may be trade marks of their respective owners

Media contact: Beatrice Martin-Vignerte, Director of Corporate and Marketing Communications, Email beatrice.m-vignerte at luup.com, +44(0)784-18-77-63