Every day, we see traditional financial institutions scrambling to figure out its crypto strategy, and understandably so. Crypto is past the tipping point of mainstream consciousness. Its use cases like cross-border payments are firmly outside of the sandbox stage.
Ripple, a San Fransico-based fintech firm has played a vital role in cross-border payments with crypto over traditional fiat. Ripple’s financial technology network, RippleNet, or its other partner Tranglo (in which it has a 40% stake) have taken control over remittances across the globe.
Asia’s leading cross-border payments specialist Tranglo is currently trending in the crypto news now.
Ripple Partner Tranglo Launches Mongolian Cross-Border Payment Corridorhttps://t.co/UlpsTTAW9Y
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) November 1, 2021
As per the official announcement, Tranglo launched its new cross-border payment corridor to Mongolia. The Singapore-based company will do so “via a single connection to regional corridors and local partners.” Mainly to improve the cross-border payments in this East-Asian region. It will offer a variety of different payment and pickup methods such as direct-to-bank transfers and cash pickups. Also potentially using blockchain-powered techniques further down the line.
Tranglo CEO Jacky Lee stated,
“The entry into Mongolia is in line with our plans this year. Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps through smart connectors.”
Now as covered in the past, remittances played an integral part in any individual’s life globally. Consider Mongolia for instance. According to World Bank estimates, remittance inflows to Mongolia made up about 4.2% of the country’s GDP in 2020.
Source: Worldbank.org
In that context, Lee also opined, “Mongolia is a key market with huge potential. It received about $550 million in remittances last year against the backdrop of a global pandemic.”
This clearly highlights the need as well the valuation within such a domain. Especially in Asia. Of late, Ripple and its partners collaborated with different local authorities across the world, to improve cross-border payments. These regions include United Arab Emirates, Turkey, Japan, and more.