Tranglo, a global leader in cross-border payments, has expanded its services to three new Gulf Cooperation Council (GCC) markets: Oman, Qatar, and Bahrain.
This move is expected to bring secure and affordable remittance options to more than 30 million migrant workers in these countries, further supporting the growing demand for streamlined financial services across the GCC.
This strategic expansion brings Tranglo’s innovative payment solutions to a broader audience of migrant workers, especially from South and Southeast Asia, who depend on remittances to support their families back home.
The remittance market within the GCC is one of the world’s largest, with the region contributing significantly to the global remittance total. In 2022, for instance, remittances to low- and middle-income countries were estimated at $626 billion, with over $120 billion originating from the GCC alone. Given the economic outlook for 2024 and projections for stable oil prices, remittance flows from the GCC are expected to grow even further.
Tranglo’s entry into these markets marks a commitment to simplifying cross-border transactions, aiming to make the process more inclusive and accessible. Tranglo’s services are already available in the UAE, where individuals can send funds directly to bank accounts.
With the addition of Oman, Qatar, and Bahrain, Tranglo is expanding its reach and increasing options for migrant workers to send money home.
Tranglo Group CEO Jacky Lee highlighted the significance of this expansion, noting that the new markets reflect the company’s goal of building “a more inclusive and connected world.” Lee emphasized the importance of offering safe and affordable cross-border payments in a region where millions rely on such services to support their loved ones.
At launch, Tranglo’s services in Oman, Qatar, and Bahrain will include cash pick-up options, enabling recipients to collect funds almost instantly in their local currencies: Omani Rial (OMR), Qatari Riyal (QAR), and Bahraini Dinar (BHD). This feature, already available in the UAE, provides a convenient and efficient method for migrants to send and receive remittances.
Tranglo’s advanced cross-border payment solution, Tranglo Connect, allows financial institutions and businesses to integrate seamlessly into the global remittance ecosystem. Through direct API access, Tranglo Connect offers reliable, secure payment solutions in over 100 countries, enhancing Tranglo’s reputation as a trusted partner in international financial services.
