Tranglo using Ripple payment solution to facilitate payment in UAE.
Leading Asian cross-border payment company Tranglo, partner of Ripple, offering enhanced cross-border payout services in 120 countries, 650 mobile operators, 2,200 banks/wallets, and 140,000 cash pickup points through RippleNet, Ripple’s global payment network said it expanded its payment solution to the United Arab Emirates (UAE), the second-largest Arab economy.
Tranglo noted in a recent tweet that it added UAE to its Connect Network, a solution that will offer businesses instant settlements, low-cost transactions, etc.
“UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy,” Tranglo said.
UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy. #Tranglo #Fintech #CrossBorderPayment #Remittance https://t.co/C8VUxVkn1Y pic.twitter.com/WNvysmoC38
— Tranglo (@Tranglo) August 23, 2022
UAE Offering Efficient Cross-Border Payment Solutions in Asia
Tranglo is committed to offering efficient payment solutions in Asia, which prompted the addition of the UAE to the Tranglo Connect Network.
The United Arab Emirates is considered the second-largest economy in the Arab Gulf. The country is also among the top remittance nations in the world. According to reports, UAE recorded a whopping $6.78 billion and $42.7 billion in remittance inflows and outflows, respectively.
Earlier this year, the UAE’s cross-border settlement recorded an 8.2% surge in the first quarter of 2022. The development prompted the Abu Dhabi Commercial Bank to predict a 6% growth in the country’s remittance by the end of this year.
The Malaysian-based fintech company has made significant moves toward achieving this goal, including partnering with popular payment company Ripple to facilitate instant cross-border settlements.
Tranglo recently announced that it enabled Ripple’s On-Demand Liquidity (ODL) across its 25 payment corridors to process payments on behalf of its clients.
Based on this, it is safe to assume that Tranglo will also utilize Ripple’s ODL in the second-biggest Arab economy.
“We’re thrilled to announce today that we’ve enabled Ripple‘s On-Demand Liquidity across all our payment corridors,” Tranglo said.
Meanwhile, Tranglo’s partnership with Ripple goes beyond the adoption of the Silicon Valley tech company. As reported by TheCryptoBasic, Ripple acquired a 40% stake in the company to expand the RippleNet solution to Southeast Asia.
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