SINGAPORE, Nov. 11,
2024 /PRNewswire/ -- Tranglo, a leading global
cross-border payment hub, today announced its expansion within the
Gulf Cooperation Council (GCC) by launching services in three new
markets: Oman, Qatar, and Bahrain.
This strategic move aims to meet the growing demand for
efficient remittance services across the GCC region, one of the
largest remittance markets globally.
By expanding into Oman,
Qatar, and Bahrain, Tranglo's innovative payment
solutions are now accessible to over 31 million migrant workers,
primarily from South and Southeast
Asia, many of whom depend on remittances to support their
families.
In 2022, the total remittances to LMICs were estimated at
USD 626 billion, with more than
USD 120 billion coming from the six
GCC countries alone. Remittances from the GCC are projected
to grow further in 2024, driven by the positive outlook for
oil prices, and the extended social protection for migrant
workers.
With the addition of these new markets, Tranglo solidifies its
commitment to transforming remittance and cross-border transactions
across the region. Tranglo entered the UAE market in 2023, enabling
individuals to make direct transfers to bank accounts.
Commenting on the latest milestone, Tranglo Group CEO,
Jacky Lee, said: "The entry into
Oman, Qatar, and Bahrain, is evidence of our dedication to
building a more inclusive and connected world.
"The GCC region has a unique remittance landscape, with millions
of workers relying on safe, cost-effective cross-border payments to
support loved ones back home. Our expansion in these countries will
streamline financial access and strengthen our commitment to
providing solutions that make sending money simpler and more
affordable."
At launch, individuals can send funds using the cash pick-up
method, with transactions available for near-instant collection in
Omani Rial (OMR), Qatari Riyal (QAR), and Bahraini Dinar (BHD). The
cash pick-up option is now also available in the UAE.
Tranglo helps financial institutions and businesses pay through
Tranglo Connect, its proprietary cross-border payments solution.
Tranglo seamlessly integrates payout and partner services, unifying
the end-to-end process with direct API access. With Tranglo
Connect, companies can reliably and securely make payments to over
100 countries.
About Tranglo
Tranglo is a cross-border payment hub with a proven track record
in business payment, foreign remittances and mobile payment
solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, and London. Our global network spans 100+
countries, 250+ mobile operators, 1,500+ banks/wallets and 60 cash
pickup services with thousands of touchpoints. Tranglo is a proud
partner of Ripple, the leading enterprise blockchain solutions for
global payments. We offer enhanced cross-border payout services
with even broader coverage through Ripple Payments. For more
information, visit www.tranglo.com or connect via LinkedIn, Twitter
or Facebook.
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