- Tranglo has recently paved the way for a new payment corridor to the United Arab Emirates.
- The latest action is a part of the Middle East expansion program of Tranglo focused on infrastructural investment and network building.
- It is intended to get on board supplementary channels that carry huge potential.
In a recent announcement, Tranglo, a cross-border payment hub, has revealed that they have opened a new payment corridor to the United Arab Emirates. The latest offering, as per the revelations made, is intended to be a part of the Middle East expansion program of Tranglo.
Undeniably, the Arab Gulf has been a key region for the cross-border payment industry, specifically in recent months, due to post-pandemic recovery, increase in oil production, and travel resumption.
UAE is now part of the Tranglo Connect network, offering instant payments to the second largest Arab economy. #Tranglo #Fintech #CrossBorderPayment #Remittance https://t.co/C8VUxVkn1Y pic.twitter.com/WNvysmoC38— Tranglo (@Tranglo) August 23, 2022
The latest offering will be focused on infrastructural investment and network building in order to add supplementary channels with significant growth potential.
Well, the United Arab Emirates has emerged as one of the leading remittance senders and receivers in the world, being the 2nd largest economy in the Arab Gulf. In the first quarter of the year 2022, the country did manage to record a growth of 8.2%, leading to the prediction of a 6% growth this year by the Abu Dhabi Commercial Bank.
As per the announcement made, Tranglo will now be able to offer fast and hassle-free fund transfers to the UAE, all thanks to a single integrated alliance with the banking network of the country.
For the security part, it must be noted that the payment security is going to be ensured through the authentication of the details of the beneficiary against passport, GCC national ID, or Emirates.
Jacky Lee, the CEO of the Tranglo Group, revealed that back in the year 2013, the firm stretched a helping hand to Etisalat for launching the first international airtime transfer of the UAE, benefiting millions of people.
As per the CEO, the latest payment corridor will be profitable for many more to revoke funds to the country. Moreover, they are confident that their cross-border business partners will now be able to offer unbeatable value to their customers.