On 5 February 2014, LOGOS IT Services represented by François Gourdon (CEO) and its team met Christos Christou (CCO) and Joseph Cleetus (IT Manager, Pearl Data Direct) from LuLu International Exchange LLC at Hotel Royal in Luxembourg. They warmly shook hands to celebrate their new partnership. iDETECT innovative analytics and robust detection models will be deployed to keep pace with increased regulatory scrutiny and compliance challenges in the GCC (Gulf Cooperation Council).
This was the result of a long and thorough process. LuLu International Exchange LLC organised an international procurement procedure during which they compared the leading solutions available on the market before taking their decision. iDETECT technology has distinguished itself from other solutions by providing a fully integrated enterprise risk management platform including intelligent crawler and real-time “big data” analytics handling both structured and unstructured data.
“Big data” is not a superlative when time comes to execute an ‘end-to-end’ management and mitigation of customers’ risks. In the «GCC region», the growing expatriate population should represent 2.2 million people moving in annually until 2050 to earn their livelihood. LuLu International Exchange LLC makes use of this opportunity to grow, because people moving in for work means money moving, and consequently an increase in the need for fast, trusted and reliable financial transactions. LuLu International Exchange LLC provides services to people across the globe by offering to its customers the latest technologically advanced products in the world of funds transfer and currency exchange. But every opportunity comes with risks, which obviously need to be mitigated.
Choose the best
After having established a strategic partnership with a number of correspondents and other financial service providers which further help the company establishing operations in numerous locations worldwide, LuLu International Exchange LLC decided to choose LOGOS IT Services and iDETECT to fight financial crime. “I’m glad to have new partners, I think we selected the best”, said Christos Christou. “In our business we need to be safe and transparent and in Luxembourg, at the heart of the European Union, you have a long experience of business and finance. The Financial Industry sector is like wild now, and more than ever we need to stay competitive for our business’ expansion and provide real responses to regulators who are currently stepping up financial crime compliance. ”
Luxembourg : a strategic choice
iDETECT will consolidate LuLu International Exchange’s compliance processes “Luxembourg is open to high-tech and aware about what happens around from a business perspective”, added François Gourdon. “For our Company, this deal is a real opportunity to develop further our global business and network: here we have multilingual elite professionals and the deal provides an opportunity to expand our business in the Middle-East and other regions like India or the Philippines”.
François Gourdon also explained that the vision for LOGOS IT Services is based on controlled organic growth and staying proactive as well as ahead of market changes: “Our partnership will be a virtuous circle. Whatever happens, the LOGOS ITS primary goal is and will be to deliver the best possible products and services.”
Joseph Cleetus, the Information Technology partner of Lulu International Exchange LLC highlighted the technological advantage of Luxembourg with its superb internet connectivity, PSF data centres, and its strategic importance for any company looking for an expansion into Europe.
The same vision
With this contract, LOGOS IT Services is in good way to become a serious player in the GCC and its best advertising will be LuLu Exchange International LLC satisfaction: the development of one of the partners means the development of the other. They will grow based on the know-how of their respective businesses and by utilizing the most contemporary technological means.
The LuLu International Exchange team also met representatives of the Ministry of Economy of Luxembourg. There are increasing synergies between the UAE and Luxembourg: in November 2011, an Embassy of the Grand Duchy of Luxembourg and the Luxembourg Trade & Investment Office (LTIO) were officially opened in Abu Dhabi, and was the first Luxembourg embassy in an Arab country.