Ripple’s (XRP) investment partner Tranglo, the cross-border payment specialist, has opened a new payment corridor to the United Arab Emirates. “UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy,” tweeted Tranglo.
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
Tranglo announced that it can now offer quick and seamless fund transfers to the UAE thanks to a single integrated partnership with the country’s banking network. “Payment security is ensured via validation of the beneficiary’s details against the Emirates ID, passport or GCC national ID,” stated Tranglo.
Commenting on the development, Jacky Lee, CEO of Tranglo, said, “In 2013, we helped Etisalat launch UAE’s first international airtime transfer, benefiting millions of people. Today, our latest payment corridor will benefit many more seeking to remit funds to the country.”
He continued, “After months of fine-tuning our API connection and interbank switching protocols, we are confident that our cross-border business partners can now offer unbeatable value to their customers.”
The Offering Is Part Of Tranglo’s Middle East Expansion Programme
The UAE, the second largest economy in the Arab Gulf, is one of the top remittance senders and receivers in the world.
According to the company, “this latest offering is part of Tranglo’s Middle East expansion programme, which focuses on infrastructural investment and network building to add supplementary channels with huge growth potential.”
Tranglo also said that its direct-to-bank payout service is available 24/7 for individual senders and beneficiaries. “Payments to most major banks in the UAE are processed and credited within the same day, subject to terms and conditions,” the company stated.
Tranglo describes itself as “one of Asia’s leading cross-border payment hub that provides smart services, not only for airtime top-ups, but also foreign remittance and business payments.” Armed with a global network, Tranglo prides itself on pioneering a technology that makes cross-border transactions faster, cheaper and more secure.
Furthermore, the company pointed out that with Tranglo Connect, companies can immediately make payments to over 25 countries reliably and securely.
On the Flipside
- While Ripple’s current dispute with the SEC was expected to harm the platform, Ripple is managing to expand its remittance technology.
Why You Should Care
Crypto companies are identifying the Arab Gulf as a key region for the cross-border payments industry, especially in recent months due to post-pandemic recovery, travel resumption and increase in oil production.
Tranglo pointed out that in 2020 the UAE recorded $42.7billion and $6.78billion in remittance outflows and inflows, respectively. In the first quarter of 2022, the country recorded 8.2% in growth, leading to the Abu Dhabi Commercial Bank predicting a whopping 6% growth this year, which would be the biggest since 2011.
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