- Tranglo Connect Network is offering instant cross-border payout solutions to the UAE.
- The UAE has recorded an 8.2% surge in cross-border settlements in Q1 2022.
- Malaysian fintech company Tranglo might enable Ripple’s On-Demand Liquidity across 25 payment gateways.
Tranglo, a Malaysia-based fintech company that enables enhanced cross-border payout solutions in 120 countries and 650 mobile operators through Ripple’s global payment network, RippleNet, is expanding its services to the United Arab Emirates.
“UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy,” the firm tweeted. This move will provide companies with instant settlements, low-cost transactions, and more.
Notably, UAE is the second-largest Arab Gulf-based economy. As per reports, UAE observed a massive $6.78 billion in remittance inflows, $42.7 billion in remittance outflows, and an 8.2% increase in cross-border settlement during this year’s first quarter.
As one of the leading remittance nations in the world, the country’s Abu Dhabi Commercial Bank was driven by the development to predict at least a 6% expansion in UAE’s remittance by end of 2022. Tranglo further endows this prediction.
Already delivering solutions to 2,200 banks/wallets, and 140,000 cash pickup points, the company continues to bolster its operations. After partnering with Ripple, Tranglo now also facilitates Ripple’s On-Demand Liquidity Services to its 25 payment windows. This allows payment processing on behalf of clients, and can also benefit its UAE consumer base shall they choose to implement it in Arab’s second-largest economy.
Tranglo is involved with Ripple beyond just a partnership. According to reports, the Silicon Valley tech company has acquired over 40% stake in Tranglo, to reach the audience in Southeast Asia.