Lulu Financial starts operations in Hong Kong

Dubai: LuLu Financial Group, the financial services firm owned by Yousuf Ali M.A., said on Thursday it has started its Hong Kong operations, its tenth country of operation.

LuLu Financial acquired 100 per cent ownership of a local financial services company in Hong Kong, adding five more branches to its global network, the company said in an emailed statement.

“The Asia Pacific (Apac) region is home to some of the most dynamic economies and Hong Kong is one of the most strategic markets. We are excited to be part of the region’s growth story,” Adeeb Ahamed, managing director of Lulu Financial, said in a statement.

The brand will be called as LuLu Money in Hong Kong, and will be second operations in the Apac region, after Philippines.

The company plans to move its business on a digital platform, with plans to move 30 per cent of the business by 2020.

“We will be reaching out to a larger audience through our innovative digital platforms that have been created in-house,” Ahamed added.

Established in 2008, the Abu Dhabi-headquartered LuLu Financial Group operates more than 180 branches across Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, Philippines, Seychelles and Hong Kong.