- This cooperation also represents a major step in Tranglo’s Middle Eastern growth plan.
- Al Ansari Exchange COO Ali Al Najjar emphasized the need for advanced technology.
Al Ansari Exchange is the biggest outbound personal remittance and foreign exchange firm in the United Arab Emirates (UAE), and Tranglo, a key partner of Ripple, has announced a substantial engagement with the company.
In addition to potentially affecting Ripple’s ODL service, this cooperation also represents a major step forward in Tranglo’s Middle Eastern growth program.
According to the World Bank, in 2021, the United Arab Emirates’ remittances reached a staggering USD 47.54 billion, a result of the country’s multiethnic society and expat-friendly legal system. The remittance market in the United Arab Emirates is dominated by Al Ansari Exchange.
Incorporating Ripple’s ODL in Future
Jacky Lee, CEO of Tranglo Group, has spoken positively about the partnership, saying that the cross-border payment experience will flourish, not just in the UAE but also in GCC region. Customer expectations are rising, therefore Al Ansari Exchange COO Ali Al Najjar emphasized the need for advanced technology and creative approaches.
Experts in the field and Ripple fans have taken notice of Tranglo and Al Ansari Exchange’s relationship, which has sparked conversations regarding the possibility of incorporating Ripple’s On-Demand Liquidity (ODL) solution in the future.
The use of Tranglo Connect by Al Ansari Exchange for international transactions is a step further in the implementation of Ripple’s ODL technology, which was first introduced in Japan. In the past, Al Ansari has partnered with Ripple to establish a connection to MoneyMatch.
As a consequence of Ripple’s 2021 purchase of 40% of Tranglo, the firm was able to expand its ODL service and fulfil rising demand in the Asia-Pacific area, allowing it to handle over USD 1 billion in ODL transactions.
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