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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