Ripple partner Tranglo forms a collaboration with Al Ansari Exchange, the biggest outward personal remittance platform in the UAE.
As part of its expansion program in the Middle East, Ripple’s On-Demand Liquidity (ODL) partner Tranglo has partnered with Al Ansari Exchange, UAE’s largest outward personal remittance.
According to an announcement today, the strategic collaboration will further expand Tranglo’s presence in the United Arab Emirates. Under the partnership, both companies will have the opportunity to improve their customers’ remittance experiences.
Tranglo Group CEO Jacky Lee expressed excitement about the development, adding that the move will bolster both the GCC region and UAE’s cross-border payment experience.
“Welcome Al Ansari to Tranglo Connect, powering your growth with our tech, infrastructure, and Ripple’s payment solution,” Lee stated.
Commenting on the development, the COO at Al Ansari Exchange, Ali Al Najjar, noted that the partnership is a significant step in its journey toward transforming UAE’s cross-border remittance landscape.
“[…] This step allows us to cater to the increasing needs of our customers and elevate their remittance experience with advanced technology and creative solutions,” emphasized Al Najjar.
It bears mentioning that the partnership will cater to the massive growth of the payment industry in the UAE, which is currently the second-largest market for outbound remittance globally.
According to World Bank data, UAE’s outbound remittance hit a massive $47.54 billion in 2021. This figure marked a 9.7% increase from the previous year’s value. Moreover, the outbound remittance industry in the country also saw an impressive double-digit increase in 2022.
Where Does Ripple Fit in?
While Tranglo’s partnership with Al Ansari Exchange has triggered bullish speculations among XRP proponents, it remains uncertain how Ripple’s products will fit into the collaboration. Prominent XRP community influencer Wrath of Kahneman pointed out in a tweet that both Tranglo and Al Ansari Exchange have partnered with Ripple on different initiatives.
#Ripple partner Tranglo (Investment, ODL) has partnered with Al Ansari Exchange, also a Ripple user, the largest outward personal remittance & FX foreign exchange co in the UAE. They will use Tranglo Connect for xborder payments. Will ODL follow? https://t.co/irA3JzZoYq
— WrathofKahneman (@WKahneman) May 29, 2023
In October 2021, Al Ansari Exchange expanded its partnership with Ripple by leveraging RippleNet to connect with MoneyWatch.
Ripple acquired a 40% stake in Tranglo in 2021. Following the acquisition, Tranglo has been utilizing Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlements in Asia. Earlier this month, the company disclosed that it had processed more than $1 billion since it started using ODL for cross-border payments.