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 Middle East expansion program and might impact Ripple’s ODL service.
The UAE is known for its multicultural environment and expat-friendly laws, their outward remittances reached an impressive USD 47.54 billion in 2021, as per 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, stating,
“I am excited about the collaboration with Al Ansari. I am confident that the partnership will improve the cross-border payment experience in the UAE and, by extension, the GCC region.
Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange highlighted the growing demands of customers and the need for cutting-edge technology and innovative solutions.
The collaboration between Tranglo and Al Ansari Exchange has captured the attention of industry experts and Ripple enthusiasts, sparking discussions about the potential future integration of Ripple’s On-Demand Liquidity (ODL) solution in their partnership.
Al Ansari Exchange’s adoption of Tranglo Connect for cross-border payments paves the way for further advancements in utilizing Ripple’s ODL technology, launched first in Japan.
Wrath of Kahneman bought attention to the previous deal where Al Ansari has worked with Ripple to connect with MoneyMatch.
Ripple’s acquisition of 40% of Tranglo in 2021 enabled the company to meet the increasing demand in the Asia Pacific region and expand its ODL service, resulting in Tranglo processing over USD 1 billion in ODL transactions.
Read More About Tranglo’s story..
Such partnerships for cross-border remmitances gains advantages like credit facilities and expanded network reach. The Ripple community eagerly awaits updates on how this partnership will unfold and whether ODL will follow suit.
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