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CDS Collaboration Tranglo and Al Ansari Exchange Forge Partnership to Enhance Cross-Border Remittances in the UAE

Collaboration

Tranglo and Al Ansari Exchange Forge Partnership to Enhance Cross-Border Remittances in the UAE

Tranglo, a strategic partner of Ripple, has announced a significant collaboration with Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the United Arab Emirates (UAE). This partnership marks a significant milestone in Tranglo's expansion program in the Middle East and may have an impact on Ripple's On-Demand Liquidity (ODL) service.

Ecem ALKAN29/05/20231 Mins read789

Tranglo and Al Ansari Exchange Forge Partnership to Enhance Cross-Border Remittances in the UAE

Tranglo, a strategic partner of Ripple, has announced a significant collaboration with Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the United Arab Emirates (UAE). This partnership marks a significant milestone in Tranglo’s expansion program in the Middle East and may have an impact on Ripple’s On-Demand Liquidity (ODL) service.

The UAE is known for its multicultural environment and expat-friendly laws, and its outward remittances reached an impressive USD 47.54 billion in 2021, according to the World Bank. Al Ansari Exchange holds a dominant position in the UAE’s remittance market.

Tranglo Group CEO, Jacky Lee, expressed enthusiasm about the collaboration, highlighting the growing demands of customers and the need for cutting-edge technology and innovative solutions. The partnership between Tranglo and Al Ansari Exchange has generated interest among industry experts and Ripple enthusiasts, sparking discussions about the potential integration of Ripple’s ODL solution in their partnership.

The adoption of Tranglo Connect by Al Ansari Exchange for cross-border payments opens up possibilities for further advancements in utilizing Ripple’s ODL technology. This collaboration follows a previous deal where Al Ansari worked with Ripple to connect with MoneyMatch. Ripple’s acquisition of 40% of Tranglo in 2021 has enabled the company to meet the increasing demand in the Asia Pacific region and expand its ODL service, with Tranglo processing over USD 1 billion in ODL transactions.

Partnerships like these for cross-border remittances offer advantages such as credit facilities and expanded network reach. The Ripple community eagerly awaits updates on how this partnership will unfold and whether ODL will be integrated as well.