Tranglo, a cross-border payment platform, has deepened its reach within the Gulf Cooperation Council (GCC) with roll-out of its services in Oman, Qatar, and Bahrain.
This expansion is expected to cater to the increasing demand for remittance services in the GCC.
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It makes Tranglo’s payment solutions available to more than 31 million migrant workers, mainly from South and Southeast Asia.
In 2022, low- and middle-income countries (LMICs) received approximately $626bn in remittances, with the GCC countries contributing over $120bn. Remittances from the GCC are anticipated to soar further in 2024.
Tranglo entered the UAE market in 2023.
The company’s services enable individuals to make direct bank transfers and, at launch, offer a cash pick-up method for near-instant transactions in Omani Rial, Qatari Riyal, and Bahraini Dinar. This cash pick-up option has also been made available in the UAE.
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By GlobalDataTranglo Group CEO Jacky Lee said: “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.”
Tranglo’s proprietary solution, Tranglo Connect, assists financial institutions and businesses in executing cross-border payments.
It provides a unified end-to-end process with direct API access, allowing companies to make secure payments to more than 100 countries.
Tranglo’s global network includes more than 100 countries, over 250 mobile operators, as well as more than 1,500 banks/wallets, and 60 cash pickup services.
Established in 2008, Tranglo offers services in business payment, foreign remittances, and mobile payment solutions.
It has offices in Kuala Lumpur, Singapore, Jakarta, and London.
In April this year, Tranglo expanded its cross-border payment network, supporting instant, direct transfers to over 30 eWallets.
