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Ripple's Key Partner Joins Forces With Major UAE Remittance Service

Mon, 05/29/2023 - 09:22
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Gamza Khanzadaev
Ripple partner Tranglo teams up with UAE's biggest money service provider
Ripple's Key Partner Joins Forces With Major UAE Remittance Service
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Tranglo, a well-known collaborator of Ripple, recently unveiled a fresh partnership with Al Ansari Exchange. Boasting a massive customer base of three million individuals and facilitating around 130,000 transactions every day, the UAE-based remittances company holds a prominent position on the market.

This strategic alliance represents a significant milestone for Tranglo's expansion endeavors in the Middle East, specifically targeting the UAE, which stands as the second largest global market for outbound remittances.

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Tranglo specializes in international payments and operates across various sectors, including business payments, overseas money transfers and mobile payment solutions. They offer an advanced solution called Tranglo Connect, an innovative platform that simplifies the payment process through direct API access. Additionally, Tranglo enhances its cross-border payout services by utilizing RippleNet, Ripple's extensive global payment network. It is worth noting that Ripple not only serves as Tranglo's partner but also holds a substantial 40% ownership stake in the company as an investor.

The CEO of Tranglo expressed great enthusiasm about the newly established collaboration with Al Ansari Exchange and extended a warm welcome to them on the Tranglo Connect platform. He emphasized the potential for accelerated growth that Al Ansari Exchange can achieve by harnessing Tranglo's cutting-edge technology and the decentralized payment solution offered by Ripple.

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Through this partnership, Tranglo aims to strengthen its presence in the UAE market, laying the foundation for improved remittance services and reinforced cross-border payment capabilities for both participating entities.

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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.