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- This partnership also signifies a significant advancement in Tranglo’s expansion strategy within the Middle East.
- Ali Al Najjar, COO of Al Ansari Exchange, highlighted the necessity for cutting-edge technology.
Al Ansari Exchange is the largest provider of outbound personal remittances and foreign exchange services in the United Arab Emirates (UAE), and Tranglo, a prominent partner of Ripple, has declared a significant collaboration with the firm.
This partnership not only has the potential to influence Ripple’s ODL service but also marks a crucial progression in Tranglo’s expansion initiative in the Middle East.
As reported by the World Bank, remittances from the United Arab Emirates reached an impressive USD 47.54 billion in 2021, attributed to the nation’s diverse population and expatriate-friendly regulations. The remittance sector in the UAE is primarily led by Al Ansari Exchange.
Incorporating Ripple’s ODL in Future
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Jacky Lee, CEO of Tranglo Group, has expressed optimism regarding the collaboration, stating that the cross-border payment experience is set to improve, not only in the UAE but also across the GCC region. With customer expectations on the rise, Al Ansari Exchange COO Ali Al Najjar underscored the importance of advanced technology and innovative solutions.
Industry experts and Ripple supporters have taken note of the partnership between Tranglo and Al Ansari Exchange, which has initiated discussions about the potential integration of Ripple’s On-Demand Liquidity (ODL) solution in the future.
The utilization of Tranglo Connect by Al Ansari Exchange for international transactions represents a further step in the adoption of Ripple’s ODL technology, which was initially launched in Japan. Previously, Al Ansari has collaborated with Ripple to create a link to MoneyMatch.
Following Ripple’s acquisition of a 40% stake in Tranglo in 2021, the company was able to enhance its ODL service and meet the increasing demand in the Asia-Pacific region, enabling it to process over USD 1 billion in ODL transactions.
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