US-based MoneyGram International has collaborated with Abu Dhabi-based Lulu Financial to expand its footprint in the Asia-Pacific region and Oman.

Lulu Money, powered by Lulu Exchange, will integrate the MoneyGram API in the coming weeks.

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The partnership is intended to tap the $149bn remittance outflows in the Asia Pacific, which are predicted to surge in the coming years.

Lulu Financial Group managing director Adeeb Ahmed said: “This partnership will revolutionise how the region manages its high volume of remittances, launching unique services into the market, changing the way people approach digital transactions and remittances.

“We believe this marks a new era for digital money transfers and remittances in the Asia-Pacific region and the world.”

Lulu offers currency exchange and remittance services with more than 180 branches globally, including 73 in the UAE. The company boasts six million customers worldwide.

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MoneyGram chairman and CEO Alex Holmes said: “Lulu Money has made a major push to digitise its money transfer business through this partnership.

“MoneyGram looks forward to working with them to create new innovative products and services that extend our digital reach and bring financial inclusion to customers throughout the Asia-Pacific market.”

Earlier this month, MoneyGram has partnered with Ebix subsidiary EbixCash to expand its money transfer services in India. Ebix has 320,000 distribution outlets that will allow MoneyGram to boost its coverage in rural areas in the country.