Tranglo, a strategic partner of Ripple, has recently announced a major collaboration with Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the United Arab Emirates (UAE). This partnership is an essential milestone in Tranglo’s Middle East expansion program and may impact Ripple’s On-Demand Liquidity (ODL) service.
The UAE, known for its multicultural environment and expat-friendly laws, saw outward remittances reach an impressive USD 47.54 billion in 2021, according to the World Bank. Al Ansari Exchange holds a dominant position in the UAE’s remittance market. Tranglo Group CEO, Jacky Lee, expressed enthusiasm about the collaboration, stating he is confident that the partnership will improve the cross-border payment experience in the UAE and the GCC region.
Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange, highlighted the growing demands of customers and the need for cutting-edge technology and innovative solutions. The collaboration between Tranglo and Al Ansari Exchange has captured the attention of industry experts and Ripple enthusiasts, sparking discussions about the potential future integration of Ripple’s On-Demand Liquidity (ODL) solution in their partnership.
Al Ansari Exchange’s adoption of Tranglo Connect for cross-border payments paves the way for further advancements in utilizing Ripple’s ODL technology, which was first launched in Japan. Wrath of Kahneman brought attention to a previous deal where Al Ansari worked with Ripple to connect with MoneyMatch.
Ripple’s acquisition of 40% of Tranglo in 2021 enabled the company to meet the increasing demand in the Asia Pacific region and expand its ODL service. As a result, Tranglo has processed over USD 1 billion in ODL transactions. Partnerships like these for cross-border remittances offer advantages such as credit facilities and expanded network reach.
However, it is essential to be cautious about these developments. The integration of Ripple’s ODL solution in the partnership remains speculative at the moment. The Ripple community eagerly awaits updates on how this partnership will unfold and the potential involvement of ODL.
Like with any financial decision, it’s crucial to conduct thorough market research before investing in cryptocurrencies, as the presented content may include the personal opinion of the author and is subject to market conditions. The author and the publication do not hold any responsibility for personal financial loss.
Source: Coingape
