Al Ansari Exchange, the leading provider of outward personal remittance and foreign exchange services in the United Arab Emirates (UAE), has joined forces with Tranglo, a hub for cross-border payments.
Their goal is to enhance the overall experience of international payments and revolutionize the remittance landscape within the UAE. This collaboration marks a significant milestone in Tranglo’s expansion plans for the Middle East.
The timing of this partnership is opportune, as remittances from the UAE witnessed substantial growth in 2022, with predictions indicating a continued rise.
A noteworthy 66% of Gulf country residents are sending increased amounts of money to support their families.
Tranglo Connect, Tranglo’s exclusive solution for cross-border payments, seamlessly integrates payout and partner services, simplifying the payment process and granting direct API access.
Ali Al Najjar, the Chief Operating Officer of Al Ansari Exchange, expressed:
Given that the UAE is the world’s second-largest market for outbound remittances, this collaboration will enable us to meet the increasing demands of our customers and enhance their remittance experience through state-of-the-art technology and innovative solutions.
Earlier this year, Al Ansari Exchange, a subsidiary of Al Ansari Financial Services PJSC, achieved significant recognition when it became listed on the Dubai Financial Market. The company’s highly successful initial public offering raised an impressive $210.5 million.
As the UAE’s first exchange company, Al Ansari Exchange holds a dominant position in the country’s financial sector, boasting over 230 branches and serving three million customers. It handles more than 130,000 transactions on a daily basis.
Tranglo, established in 2008, has built a global network spanning across 150 countries and has gained a reputation as a reliable partner of Ripple, a leading provider of enterprise blockchain solutions for international payments.