13 August, 2024, Singapore – Tranglo announced the launch of payout services to five CIS countries: Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, and Uzbekistan.
This strategic move aims to enhance the financial connectivity between CIS countries, a region where remittances are a critical lifeline for millions of families.
According to the data released by the Migration Data Portal in May, there were 7.8 million migrants from Central Asia globally as of mid-2020.
In some of these nations, the contributions from migrant workers abroad form a substantial part of the national gross domestic product (GDP). For example, in Tajikistan, remittances account for 39% of the GDP, while in Kyrgyzstan, they contribute over 20%, making them among the Top 10 countries most reliant on remittances in 2023.
At launch, the supported CIS payout countries are Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova and Uzbekistan, with more to follow. Beneficiaries can pick up the cash in USD or Euro within 15 minutes.
Tranglo Group CEO Jacky Lee said: “We are excited to enter the CIS region, where remittances are a crucial economic pillar for many families. Our target is to enhance financial connectivity and provide a more reliable and cost-effective way for migrant workers to support their loved ones.
“This expansion aligns with our commitment to bridging financial gaps, improving financial inclusion and empowering communities through seamless cross-border payments.”
Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. It seamlessly integrates payout and partner services, unifying the end-to-end process with direct API access. With Tranglo Connect, companies can make payments to over 80 countries reliably and securely.
About Tranglo
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, and London. Our global network spans 100+ countries, 250+ mobile operators, 1,500+ banks/wallets and 60 cash pickup services with thousands of touchpoints. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We offer enhanced cross-border payout services with even broader coverage through Ripple Payments. For more information, visit www.tranglo.com or connect via LinkedIn, Twitter or Facebook.