- The partnership comes at a time of double-digit growth in remittances from the UAE.
- Tranglo Connect provides direct API access for secure and reliable cross-border transactions.
Tranglo, a cross-border payment hub, has partnered with Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the United Arab Emirates (UAE). The collaboration aims to enhance the cross-border payment experience and transform the remittance landscape in the UAE, presenting a significant milestone in Tranglo’s Middle East expansion program.
The partnership comes at a time when remittances from the UAE have experienced double-digit growth in 2022. Furthermore, it is predicted to continue to rise, with 66% of residents in the Gulf country sending more money back to support their families.
Jacky Lee, CEO of Tranglo Group, expressed excitement about the collaboration, emphasizing his confidence that the partnership will improve cross-border payments in the UAE and the wider GCC region. “Supercharge your growth via our technology, infrastructure and Ripple’s decentralised payment solution,” the CEO said as he welcomed the exchange.
Tranglo’s proprietary cross-border payments solution, Tranglo Connect, integrates payout and partner services, streamlining the payment process and providing direct API access. Ali Al Najjar, the COO of Al Ansari Exchange, said:
With the UAE being the world’s second-largest market for outbound remittances, this move will enable us to meet the growing demands of our customers and enhance their remittance experience through cutting-edge technology and innovative solutions.
Al Ansari Exchange, a subsidiary of Al Ansari Financial Services PJSC, gained substantial recognition earlier this year when it was listed on the Dubai Financial Market, raising a staggering $210.5 million in its highly successful initial public offering.
The UAE’s first exchange company holds a dominant position in the country’s financial sector with over 230 branches, serving three million customers, and processing more than 130,000 transactions daily.
Tranglo, founded in 2008, has a global network spanning over 150 countries and has established itself as a trusted partner of Ripple, a leading enterprise blockchain solutions provider for international payments.