Ripple, the provider of enterprise blockchain and crypto solutions for cross-border payments, announced new milestones in its partnership with cross-border payment firm Tranglo’s Singapore arm.
This follows Ripple’s intent to acquire a 40% stake in Tranglo to scale the footprint of its global financial network RippleNet in the region and beyond.
Within 6 months of the partnership, Tranglo launched its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines, and with plans to introduce more corridors in the months to come.
The ODL service leverages the digital asset XRP for instant and low-cost cross-border payments, eliminating the need for costly pre-funded accounts.
In addition, Tranglo’s cross-border payments expertise has played a critical role in meeting customer demand and supporting existing RippleNet corridors in Asia Pacific — with multiple fiat connections already established with existing customers.
This includes Singaporean remittance and foreign exchange BKK Forex, Thailand-based remittance firm DeeMoney and Siam Commercial Bank.
Through these new fiat connections on RippleNet, Tranglo will process multiple currencies in Asia Pacific, including Philippine Peso and Thai Baht, via its proprietary single interface platform Tranglo Connect.
Brooks Entwistle
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA said,
“The strong traction with Tranglo in the past 6 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.”
Jacky Lee
Jacky Lee, Group CEO of Tranglo 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.”
