Luup Signs Agreement with Temenos to keep on Growth Trajectory across UAE
Luup Ltd, a provider of mobile payments solutions signed a strategic agreement with Temenos (SIX:TEMN), the market leading provider of banking software. Luup will be integrating TEMENOS T24 (T24) banking components into its existing mobile payments offerings aimed at financial institutions and their customers across the United Arab Emirates (UAE). The strategic partnership agreement between Luup and Temenos is also expected to open up joint business and growth opportunities.
This agreement will support growth in the region. As per reports, the UAE has one of the highest mobile penetration rates with the overall Information and Communication Technology (ICT) market set to grow by about AED11.7 billion (USD 3.2 billion) in 2010 . Riding on these strong growth figures, Luup has enhanced its presence in the UAE through innovative mobile payment mechanisms for financial institutions.
Andreas Andreades, Chief Executive Officer, Temenos commented: “We are delighted to be working in such an exciting market with a solutions provider like Luup, which is taking an innovative approach to mobile payments delivery with modern, efficient technology. By also combining with our market leading banking functions, Luup is set to offer customers solutions which are the most flexible, cost effective and scalable on the market. The agreement also enables both companies to strategically join forces to offer Luup solutions to Temenos’ customers so they too can benefit from a quickly deployable mobile payments solution.”
In a multi-year agreement, Temenos will provide Luup with a broad range of componentised banking functions to complement its existing platform through a functionally rich, SOA architecture. This will deliver flexibility and scalability required to progress the business in the UAE and globally.
Luup CEO, Thomas Bostrøm Jørgensen, said, “The global mobile payments market is extremely active, and is expected to grow to as much as AED2,025 billion (405 billion Euros) by 2013 . By complementing our in-house expertise with Temenos’ technology, we ensure that Luup’s solutions offer financial institutions innovative and cost-effective solutions. Our aim is to help banks drive revenue from this growth market.”
In the retail banking sector Luup enables banks to offer person-to-person money transfer and ATM cash-out, person-to-merchant bill payments, salary payments to name a few. Added to this, are the possibilities of global mobile remittance services. For corporate banks and their corporate clients, Luup’s technology enables corporates’ end users to make and receive payments, authorize invoices and initiate payments using a company mobile.