This collaboration is set to address gaps in financial services and complement existing payment systems, especially in regions with high remittance traffic. Credit: metamorworks/ Shutterstock.

Fintech firm Circle Internet Group has announced the incorporation of an entity in the Abu Dhabi Global Market (ADGM), marking an expansion across the Middle East and Africa.  

It aims to enhance financial inclusion and accessibility in the region by leveraging Circle’s stablecoin infrastructure. 

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The company also forged a partnership with LuLu Financial, a financial services conglomerate in the region, to streamline remittances and cross-border payments using USDC, Circle’s fully-reserved digital dollar.  

This collaboration is set to address gaps in financial services and complement existing payment systems, especially in regions with high remittance traffic. 

LuLu Financial plans to utilise USDC to optimise remittances and cross-border payment flows, initially focusing on corridors between the Middle East and Asia, as well as Europe.  

From the sidelines of Abu Dhabi Finance Week, Circle CEO and co-founder Jeremy Allaire said: “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.  

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“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.” 

LuLu Financial Holdings MD Adeeb Ahamed said: “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.”  

In October, Circle partnered with Thunes to facilitate quicker cross-border transactions.