May 29, 2023, Singapore – Tranglo announced today the partnership with Al Ansari Exchange, a subsidiary of Al Ansari Financial Services PJSC and the largest outward personal remittance and foreign exchange company in the UAE, with over 230 branches, serving 3 million customers and processing over 130,000 transactions daily.
The parent company, Al Ansari Financial Services PJSC, reached a historic milestone early this year when it was listed on the Dubai Financial Market, raising USD 210.5 million in an initial public offering favourably received by investors.
This strategic collaboration, part of Tranglo’s Middle East expansion programme, will boost Tranglo’s presence in the UAE, which is 2nd largest market for outbound remittances globally.
Due to its multicultural setting and expat-friendly laws, approximately 88.5% of the UAE population are expats. World Bank data showed that outward remittances from the UAE stood at a whopping USD 47.54 billion in 2021.
Remittances from the UAE recorded double-digit growth in 2022 and are forecasted to increase steadily this year as 66% of the Gulf country residents are sending more money back to support their families, saddled with increased living expenses post Covid-19.
Tranglo Group CEO Jacky Lee said: “I am excited about the collaboration with Al Ansari. I am confident that the partnership will improve the cross-border payment experience in the UAE and, by extension, the GCC region. Welcome, Al Ansari, to Tranglo Connect, and supercharge your growth via our technology, infrastructure and Ripple’s decentralised payment solution.”
Al Ansari Exchange Chief Operating Officer Ali Al Najjar said: “The partnership between Al Ansari Exchange and Tranglo is a significant step forward in our journey towards transforming the cross-border remittance landscape in the UAE. With the UAE being the world’s second-largest market for outbound remittances, this move will enable us to meet the growing demands of our customers and enhance their remittance experience through cutting-edge technology and innovative solutions. We look forward to working closely with Jacky and the entire Tranglo team and leveraging our expertise to deliver greater value.”
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 payment process with direct API access. With Tranglo Connect, companies can make payments to over 30 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 over 150 countries, 600 mobile operators, 1,300 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.
About Al-Ansari Financial Services
Al Ansari Exchange, established in 1966 and licensed by the Central Bank of the UAE, is the UAE’s first exchange company and has grown to be the largest outward personal remittance and foreign exchange company in the UAE with over 231 branches across the Emirates (as of December 2022). The company has conducted 126 thousand transactions per day (as of December 2022) and, in 2021, has captured almost one-quarter of the outward personal remittance market share in the UAE, including other exchange houses and banks. Al Ansari Exchange has also captured a 35% market share of the retail foreign exchange market in 2021. Since its founding, the company has significantly scaled its digital presence through its award-winning app, website and in-branch smart counters, enabling it to capture a 41% share of the digital outward personal remittances market among exchange houses in 2021.