INTELLIGENT BRANDS // Mobile Technology
Mashreq partners with Kyriba to develop financial transformation plan for LuLu
Mashreq , a financial institution in the MENA region , announced it partnered with cloud treasury and finance solutions provider Kyriba , to orchestrate a customised transformation plan for LuLu Group International , LuLu ’ s financial operations . LuLu , a multinational conglomerate having hypermarket business across GCC , in partnership with Mashreq and Kyriba will overhaul its financial functions , including payments , liquidity management , and process automation .
Mashreq ’ s cash management team worked with multiple units within LuLu to understand requirements and establish how the entity ’ s systems interacted , with the aim of finding an optimal solution to streamline operations and improve efficiency .
A core element of the transformation plan was the creation of a single platform via which LuLu can enjoy full visibility of its finances and manage several of its financial functions , beginning with centralised payments and fund transfers . The application programming interface , API currently enables LuLu to view balances in real time , make instant payments to suppliers and move funds across the region .
Benefits of the new platform and transformation plan include 360-degree visibility and control ; automated reconciliation ; process and policy alignment across markets ; liquidity optimisation ; enhancement of fraud and risk control ; cost savings ; increased automation and efficiency ; and a reduction in manual intervention .
Kyriba , a global provider in cloud treasury and finance solutions delivering missioncritical capabilities for cash and risk management , payments and working capital solutions , created the platform on which the revamped finance operations will run .
Implementation of the transformation plan is staggered , with the first phase involving 35 plus banks getting integrated into a single platform which enhances efficiency and transparency into the treasury operation . The solution will be rolled out across all markets in the coming months for centralising vendor payments and other treasury functions .
Lulu ’ s operations span 25 countries across the Middle East , Asia , the United States , and Europe , with its annual revenue surpassing US 7.3 billion in 2023 . Key challenges such as financial decentralisation , multiple banking relationships and resource management led the conglomerate to Mashreq and Kyriba .
Joel Van Dusen , Group Head of Corporate and Investment Banking at Mashreq , said : “ In alignment with our aim of being the region ’ s most progressive bank and enabling innovative solutions for our customers , we welcomed the opportunity to add value to LuLu ’ s operations . Working with Kyriba , we were able to identify challenges and needs and create a more efficient finance landscape to future-proof the business . We look forward to further expanding the transformation plan in the coming months , and to a continued successful partnership with Kyriba .”
Amer Chebaro , Sales Provider , CEMEA at Kyriba , said : “ As a global provider in Liquidity Performance , Kyriba is delighted to be working in partnership with Mashreq to provide LuLu Group International with the right solutions to help meet its requirement to manage and gain full visibility of its finances via a single platform .”
EP Nampoothiri , Director Finance at LuLu said : “ This strategic partnership not only positions us at the forefront of financial innovation but also reinforces our dedication to excellence in every market we serve .” p
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