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Al Ansari Exchange, the subsidiary of Al Ansari Financial Services P.J.S.C. and the largest outward personal remittance and foreign exchange company in the UAE, announced its collaboration with cross-border payment hub Tranglo to optimise the seamless cross-border remittance customer experience.
The effort between Al Ansari Exchange and Tranglo to integrate Ripple's decentralised payment solution will enrich foreign remittance and business payments for both entities. Al Ansari Exchange's commitment to meeting customer expectations for reliable and efficient services resonates with Tranglo's focus on improving cross-border transactions by making them faster, more affordable and highly secure resonates.
Ali Al Najjar, Chief Operating Officer at Al Ansari Exchange, 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."
With Tranglo Connect, an end-to-end payment process that offers direct API access and seamless integration of payout and partner services, Al Ansari Exchange will further strengthen streamlined operations for customers, consistent to the company’s mission to continuously innovate its offerings. In 2019, Al Ansari Exchange partnered with Ripple to utilise its cloud-based financial network technology. The initiative provided its customers with flexible, faster and safer money transfer solutions that aligned with the UAE's fintech agenda.
Jacky Lee, Group CEO of Tranglo, said: "Tranglo is elated to partner with Al Ansari Exchange to strengthen our presence in the UAE. We look forward to enhancing the cross-border payment experience and improving efficiency and convenience for individuals and businesses conducting international transactions. Together, we will drive innovation and reshape the way users remit money, contributing to a more inclusive financial ecosystem."
The latest venture of Al Ansari Exchange showcases its commitment to deliver streamlined financial services and contribute to the overall growth and development of the UAE's remittance industry. By harnessing the power of technology, Al Ansari Exchange is positioned to redefine the cross-border remittance experience, enabling customers to transfer funds securely and conveniently.
About Al Ansari Exchange
Al Ansari Exchange, established in 1966 and licensed by the Central Bank of the UAE, is the UAE’s first exchange company that grown to be the largest outward personal remittance and foreign exchange company in the country with over 230 branches across the Emirates (as of March 2023). The Company has conducts 130 thousand transactions per day (as of March 2023) 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 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.
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, 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. It offers 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.