Tranglo Collaborates With UAE’s Remittance Co
Ripple’s On-Demand Liquidity (ODL) partner Tranglo has teamed with Al Ansari Exchange, the UAE’s largest outward personal remittance, as part of its Middle East development programme.
The strategic agreement, announced today, will help Tranglo extend its position in the United Arab Emirates. Both organisations will benefit from the collaboration by improving their consumers’ remittance experiences.
It is worth noting that the collaboration will cater to the tremendous expansion of the payment business in the UAE, which is presently the world’s second-largest market for outbound remittances.
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.
(With inputs from Shikha Singh)
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