August 20, 2024, Singapore – Tranglo is delighted to announce the extension of its payment corridor to Georgia.
Remittances play a vital role in Georgia’s economy. According to the National Bank of Georgia, inflow remittances stood at USD 1.656 billion in June this year. World Bank data indicated that remittances accounted for 13.8% of Georgia’s gross domestic product (GDP) in 2023.
Studies show that over the last decade, remittances have constituted a significant portion of the recipient households’ income, with most of these funds being spent on primary needs such as food (79%), utility bills (63%), and clothing (53%).
Georgian migrant workers are mainly employed in Europe, the US, and CIS countries, making this expansion crucial for further connecting Georgia to these regions.
With Tranglo Connect, transfers to Georgia are processed in real-time, and beneficiaries can pick-up cash in USD or Euro within 15 minutes.
Tranglo Group CEO Jacky Lee said, “We are thrilled to expand our services to Georgia. Remittances are a vital economic pillar for many Georgian families, and our goal is to make these financial transactions as seamless and cost-effective as possible.”
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 make payments to over 80 countries reliably and securely.
About Tranglo
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance 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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