UAE-based Al Ansari Exchange Partners with Tranglo, Ripple’s Key Partner
Tranglo, a major partner of Ripple, has announced a significant collaboration with Al Ansari Exchange, the largest outbound personal remittance and foreign exchange business in the United Arab Emirates (UAE).
This partnership is not just a big deal for Tranglo’s expansion plans in the Middle East, but it might also have an impact on Ripple’s ODL service.
The United Arab Emirates’ multiethnic community and expat-friendly legal framework contributed to a whopping USD 47.54 billion in remittances in 2021, as reported by the World Bank. Al Ansari Exchange is the undisputed leader in the remittance business in the United Arab Emirates.
Future Jacky Lee, CEO of Tranglo Group, has praised the agreement, adding that by incorporating Ripple’s ODL, the cross-border payment experience would thrive not just in the UAE, but across the GCC as a whole.
As a result, Ali Al Najjar, COO of Al Ansari Exchange, underlined the need of cutting-edge technology and novel techniques to meet escalating customer demands.
Ripple’s On-Demand Liquidity (ODL) in Spotlight
The partnership between Tranglo and Al Ansari Exchange has caught the attention of industry insiders and Ripple supporters, who have begun discussing the prospect of implementing Ripple’s On-Demand Liquidity (ODL) solution in the near future.
Ripple’s ODL technology was initially used in Japan, and now Al Ansari Exchange is using Tranglo Connect to facilitate international transactions. Formerly, Al Ansari collaborated with Ripple to link up with MoneyMatch.
After Ripple bought 40% of Tranglo in 2021, the company was able to increase its ODL service and meet increased demand in the Asia-Pacific region, eventually processing ODL transactions worth more over USD 1 billion.