Ripple‘s investment partner Tranglo has revealed a significant move, collaborating with Al Ansari Exchange. Al Ansari is the largest forex and remittance firm in the United Arab Emirates (UAE).
The UAE-based remittance firm boasts an enormous client base (of over three million) and completes approximately 130,000 transactions daily. Such figures show the exchange holds a massive position within the marketplace.
Tranglo stretches its footprints
The collaboration represents a massive step for Tranglo’s expansion plans in the Middle East. Remember, the United Arabs Emirates is the 2nd-largest country as far as outbound remittances are concerned.
Tranglo provides international payment services and operates in different sectors, including crypto business. Also, the company oversees mobile cash solutions and money transfers.
Tranglo improves its international payment offerings by using RippleNet – an extensive payment network by Ripple. Ripple (besides being Tranglo’s investment partner) holds a significant 40% stake in the firm as an investor.
Al Ansari Exchange’s COO, Ali Al Najjar, commented on the increased customer demand and the necessity of innovative technology and top-notch solutions. He highlighted that Al Ansari could enjoy accelerated growth through Tranglo’s high-end technology and Ripple’s decentralized payment solutions.
Meanwhile, the alliance between the trading company and Tranglo has attracted attention within the crypto world. Ripple fans speculate about possible Ripple ODL (On-Demand Liquidity) integration.
Tranglo will capitalize on this alliance to cement its footprints in the UAE marketplace, ensuring strengthened international payment competencies and enhanced remittance services.
These collaborations help cross-border remittances enjoy benefits such as stretched network reach and credit facilities. Meanwhile, the Ripple community contemplates the current developments as they await a potential ODL integration. Moreover, Invezz.com news show XRP primed for bullishness in the upcoming sessions as the SEC case nears an end.
Source : https://invezz.com/news/2023/05/29/ripples-strategic-partner-tranglo-collaborates-with-uaes-top-remittance-service-provider/
