Tranglo has opened a new payment corridor to the United Arab Emirates.
The Arab Gulf is a key region for the cross-border payments industry, especially in recent months due to post-pandemic recovery, travel resumption and increase in oil production.
The UAE, the second largest economy in the Arab Gulf, is one of the top remittance senders and receivers in the world. In 2020, the country recorded USD42.7 billion and USD6.78 billion in remittance outflows and inflows, respectively. In the first quarter of 2022, the country recorded 8.2% in growth, leading to the Abu Dhabi Commercial Bank predicting a whopping 6% growth this year, which would be the biggest since 2011.
This latest offering is part of Tranglo’s Middle East expansion programme, which focuses on infrastructural investment and network building to add supplementary channels with huge growth potential.
Tranglo can now offer quick and seamless fund transfers to the UAE thanks to a single integrated partnership with the country’s banking network. Payment security is ensured via validation of beneficiary’s details against the Emirates ID, passport or GCC national ID.
Tranglo Group CEO Jacky Lee said: “In 2013, we helped Etisalat launch UAE’s first international airtime transfer, benefiting millions of people. Today, our latest payment corridor will benefit many more seeking to remit funds to the country. After months of fine-tuning our API connection and interbank switching protocols, we are confident that our cross-border business partners can now offer unbeatable value to their customers.”
Tranglo’s direct-to-bank payout service is available 24/7 for individual senders and beneficiaries. Payments to most major banks in the UAE are processed and credited within the same day, subject to terms and conditions.
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services seamlessly, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can immediately make payments to over 25 countries reliably and securely.
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 120 countries, 650 mobile operators, 2,200 banks/wallets and 140,000 cash pickup points. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We now offer enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple’s global payment network. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.
1 G20 National Remittance Plan (UAE), Global Partnership for Financial Inclusion