LuLu Financial has appointed Richard Teng, former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), as an Independent Director to its Board.
The UAE-based holding company is proceeding in a global diversification and investment strategy in the financial services sector. The appointment of Richard Teng addresses the new strategy.
Teng joins LuLu Financial from ADGM, where he was the Chief Executive Officer and is credited with playing a significant role in putting Abu Dhabi on the global fintech & fin-services map. There, he helped develop innovative regulatory regimes and offerings to bridge gaps in the ecosystem, while reimagining the future of financial services and attracting new market participants.
Prior to being Chief Executive Officer at ADGM from 2015 to 2021, Teng was Chief Regulatory Officer at Singapore Exchange for nearly eight years and Director of Corporate Finance at the Monetary Authority of Singapore for 13 years.
“It is a privilege to join the Board of Lulu Financial Holdings that has seen exponential growth under the inspirational leadership of Mr. Adeeb Ahamed. I look forward to supporting the Holding company in expanding its global footprint, with the introduction of more financial services products and services that meet the demands of the evolving market needs in the new digital economy”, said Richard Teng.
Adeeb Ahamed, Managing Director, LuLu Financial Holdings, said: “Mr. Richard Teng is a pioneer in the global financial services sector, having contributed immensely to the development of modern value-led technologies in varying geographies. As an industry leader, he has shaped several key initiatives on matters related to fintech, financial regulations, and governance. His experience will be an asset in our journey to design reliable, seamless, and accessible financial solutions built on technology and collaborative partnerships.”
LuLu Financial Holdings owns LuLu Exchange, a global FX and money remittance enterprise launched in 2008. It is one of the largest financial services companies in their market, with over 170 branches worldwide in countries such as Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland, while expanding across the Asia Pacific region and Europe.
LuLu Financial Holdings is a UAE-based holding company investing in financial services and products to improve people’s lives. The company’s investments span the GCC, Indian sub-continent, and APAC regions.