Its growing cooperation follows Ripple acquisition of a 40 percent stake in Tranglo to scale the footprint of RippleNet in APAC and beyond.
Today, we’re excited to share new milestones in our partnership with Tranglo — following our intent to acquire a 40% stake in Asia’s leading cross-border payments specialist in March 2021 to scale the footprint of RippleNet, Ripple’s global financial network, in the region and beyond.
Tranglo has launched its first live On-Demand Liquidity (ODL) service on RippleNet to enable instant and low-cost cross-border payments in the Philippines, with plans to introduce more ODL corridors in the months to come, Ripple said in a statement on Thursday. Tranglo has also established multiple fiat connections with existing RippleNet customers, including BKK Forex, DeeMoney and Siam Commercial Bank, which will allow it to process multiple currencies in Asia Pacific, including Philippine Peso and Thai Baht.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA said: “The strong traction with Tranglo in the past six months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia-Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia-Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”
Tranglo Group CEO Jacky Lee said: “We have successfully unified local and regional support infrastructure using XRP as the bridging currency. With ODL and RippleNet, our partners can look forward to a more seamless payment experience. We expect more such collaborations in line with our mission to provide equitable and accessible financial services, especially in Asia-Pacific.”
RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.
