Ripple is opening up to the United Arab Emirates (UAE) by creating a new payment corridor in partnership with Tranglo.
The UAE, one of the countries that is warm to the crypto money sector, continues to be one of the important regions for cross-border payments. It had bought a 40 percent stake in Tranglo to expand its RippleNet and ODL service. Now it is expanding its payment services to Middle Eastern countries in cooperation with Tranglo.
Ripple and Tranglo Expand Its Field of Activity with Collaboration
Tranglo, who has been a partner with Ripple for over a year, shared a post about the partnership on his Twitter account.
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
In the post, it was stated that the Tranglo Connect network, which includes cooperation with Ripple, will provide instant payments in the UAE economy.
Ripple’s ODL service using XRP allows users to move money across borders instantly with very low cost placements and without the need to hold pre-funded capital in the target market.
Ripple ODL Services Strengthen
Ripple is getting stronger as more international businesses now use ODL service to facilitate payments.
As reported in early August, Ripple announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil with Travelex Bank, the first bank in Latin America to use ODL.
In July, Ripple also partnered with Singapore-based Fomo Pay, a well-known payments company. Through the partnership, Fomo Pay hopes to increase international treasury flows using Ripple’s ODL.
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