Cross-border payment hub, Tranglo has launched its services in three new markets, expanding its network which already extends to over 100 countries.
Looking to make a bigger impact in the Gulf Cooperation Council (GCC) countries’ remittance market, Tranglo is launching its services in Oman, Qatar, and Bahrain. Building on its expansion into the UAE in 2023, Tranglo’s latest expansion will allow it to make its payment solutions accessible to over 31 million migrant workers. Many of them are from South and Southeast Asia and depend on remittances to support their families.
Jacky Lee, CEO, Tranglo
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.
Strengthening the remittance market
In 2022, the total remittances to LMICs were estimated at $626billion, with more than $120billion 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.
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.
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