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Ripple Takes Root in Major Arab Economy via Tranglo Partnership

Mon, 05/22/2023 - 09:31
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Gamza Khanzadaev
Ripple expands further into Middle East via Tranglo's new partnership with LuLu Money
Ripple Takes Root in Major Arab Economy via Tranglo Partnership
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Tranglo, a leading hub for cross-border payments and a trusted partner of Ripple, is forging ahead with its expansion into the Middle East through a new collaboration with LuLu Money. By joining forces with LuLu Money, a subsidiary of Lulu Financial Holdings based in Abu Dhabi, Tranglo aims to simplify and expedite cross-border transactions, marking a significant milestone in its regional presence.

Ripple Expands into Second-Largest Arab Economy via Partner, Tranglo

In a strategic move, Tranglo has solidified its partnership with this influential regional player after unveiling a payment corridor in the United Arab Emirates (UAE) last August. This alliance capitalizes on the unique strengths of both organizations, propelling them to the forefront of seamless cross-border payment solutions.

Tranglo brings to the table its Tranglo Connect solution, a platform that leverages the entire payment process through direct API access. Notably, Tranglo stands out by processing an impressive 80% of its payments in real time, surpassing the global industry average.

Moreover, Tranglo offers cross-border payout services leveraging RippleNet. It is worth highlighting that Ripple has been a longstanding partner of Tranglo, with the crypto company holding a significant 40% stake in the organization.

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LuLu Money is no stranger to payment technologies either. The company operates Digit9, an API-first platform that empowers financial institutions to extend their services to other financial entities and fintech firms. This remarkable platform enables seamless remittance-as-a-service, expanding their reach to customers across the world through LuLu Financial Holdings' extensive network.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.