UAE-based LuLu Financial Holdings – a holding company with investments in financial services and products spanning the Gulf Cooperation Council (GCC) , Indian sub-continent, and Asia Pacific regions – has announced the appointment of Richard Teng, former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), as an Independent Director to its Board.
The high-profile appointment of Mr. Richard Teng, who is credited with playing a significant role in putting Abu Dhabi on the global fintech and financial-services map, coincides with LuLu Financial Holding’s ongoing global diversification and investment strategy in the financial services sector.
Teng has served as the Director of Corporate Finance with the Monetary Authority of Singapore and as Chief Regulatory Officer of Singapore Exchange. At ADGM, 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.
Welcoming the appointment, Mr. Adeeb Ahamed, Managing Director of 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.”
Speaking on his appointment, Mr. Richard Teng said: “It is a privilege to join the Board of Lulu Financial Holdings that have seen exponential growth under the inspirational leadership of Mr. Adeeb Ahamed. Ilook 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.”
LuLu Financial Holdings has strategic investments in 11 countries across the world and some of its major
investments including LuLu Capital in the UAE, Pearl Data Direct in the UAE and India, LuLu Forex and LuLu Financial Services NBFC in India, LuLu Exchange Company LLC in Oman, LuLu Money in Philippines, LuLu Financial Services Limited in Hong Kong, NS Cashpoint SDN BHD in Malaysia and Mass Express PTE in Singapore.