The BSP (Bangko Sentral ng Pilipinas) building in Manila. Image Credit: File

Dubai: LuLu-Phils International Exchange, Inc. a subsidiary of the UAE-based LuLu Financial Group, has received approval from Bangko Sentral ng Pilipinas (BSP) to diversify into electronic money, it said on Tuesday.

BSP has granted the electronic money issuer (EMI) licence, which allows LuLu-Phils International Exchange to move into the digital wallet space. LuLu-Phils International Exchange is currently engaged in remittances and currency exchange.

“This is a historic moment for our company,” said Adeeb Ahamad, managing director of LuLu Financial Group. “We are thankful to Bangko Sentral ng Pilipinas for issuing this licence. Having our own e-money licence is a key element of our APAC expansion and allows us to offer a wider range of financial service products to our customers.”

The new EMI licence enables the company to offer customers wallet to wallet, wallet to bank account transfers, bill payments, recharge, and merchant payments.