Circle Expands into the Middle East with ADGM Incorporation and Strategic Partnership with LuLu Financial Holdings

By: Circle Internet Group, Inc. via Business Wire

December 10, 2024 at 03:01 AM EST

Circle incorporates in the ADGM, and partners with one of the largest financial services conglomerates in the Middle East to power remittances and cross-border payments with USDC

Circle Internet Group, Inc., a global digital financial technology firm, is pleased to announce the incorporation of an entity in the ADGM, a key milestone in its strategic expansion into the Middle East and Africa. Circle has also entered into a partnership with LuLu Financial Holdings (‘LuLuFin’), and its affiliates, one of the largest financial services conglomerates in the region, to facilitate remittances and cross-border payments with USDC, Circle’s fully-reserved digital dollar.

As Circle expands its global footprint, the company remains committed to transforming financial markets with reliable and regulated blockchain solutions. Circle's mission centers on enhancing financial inclusion and accessibility by deploying a stablecoin infrastructure that addresses gaps in financial services while complementing existing payment systems, particularly in high-traffic remittance corridors such as those traversing the Middle East. The partnership with LuluFin exemplifies this vision, deploying USDC as a robust platform to enable near-instant payments that enhance operational efficiency and reduce transaction costs.

Enhancing Remittances and Cross-border Payments with LuluFin

LuLuFin operates across the Gulf Cooperation Council (GCC), Indian sub-continent and APAC region, managing over $10 billion in annual transactions. Through this partnership, LuluFin will optimize remittances and cross-border payment flows using USDC, initially targeting corridors between the Middle East and Asia, as well as Europe. By leveraging USDC, LuLuFin will benefit from increased liquidity and reduced volatility, while harnessing the speed, immutability, and traceability of blockchain technology.

"This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors," said Jeremy Allaire, Co-founder and CEO of Circle, from the sidelines of Abu Dhabi Finance Week. "By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region. Together, we are driving innovative solutions and enhancing access to efficient digital financial offerings."

“Our partnership with Circle reflects our unwavering commitment to innovation. At LuLu Financial Holdings, we have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers. This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions,” said Adeeb Ahamed, Managing Director of LuLu Financial Holdings.

"We are proud to welcome Circle, the preeminent global stablecoin issuer, to one of the largest financial districts in the world — ADGM," added Arvind Ramamurthy, Chief of Market Development at ADGM. "Circle’s products represent a powerful platform for intelligent financial services, and, alongside ADGM’s robust ecosystem, are positioned to unlock a myriad of opportunities for technological innovation and next-generation financial applications in the region. Their contribution will further strengthen ADGM’s position as a global financial powerhouse.”

"The Middle East is a crucial frontier for Circle’s mission of raising global economic prosperity through the frictionless exchange of value," said Miriam Kiwan, VP, MEA at Circle. "By collaborating with impactful partners like LuluFin, we aim to transform how cross-border payments are conducted, ultimately delivering substantial benefits to individuals and businesses throughout the region."

USDC is issued by regulated entities of Circle. A list of Circle’s regulatory authorizations can be found here.

About Circle

Circle is a global financial technology firm that enables businesses and developers to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC – two of the world’s largest fully reserved, regulated stablecoins accessible as open money protocols on the internet. Circle’s platform offers enterprise-grade APIs and SDKs to make it faster, easier, and safer for organizations to run their internet-scale business on the blockchain. Learn more at https://circle.com.

About Lulu Financial Holdings

LuLu Financial Holdings is a leading global financial services provider, offering a wide range of services including cross-border payments, currency exchange, and financial technology solutions. With over 350 customer engagement centers in over 10 countries and a commitment to innovation and customer satisfaction, LuLu Financial Holdings continues to set benchmarks in the financial services industry. Learn more at https://www.lulufin.com/.

About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market is an award-winning international financial centre located in the capital city of the United Arab Emirates. ADGM offers a forward-thinking regulatory framework, operational support, and business-friendly environment, making it the ideal base for firms operating in the financial services and technology sectors. With a focus on innovation and growth, ADGM is committed to driving the future of finance in the UAE and beyond. https://www.adgm.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20241210597216/en/

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Circle: Zara Gleasure

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Circle Expands into the Middle East with ADGM Incorporation and Strategic Partnership with LuLu Financial Holdings

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