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.
The partnership has demonstrated significant momentum within six months, with Tranglo launching 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 Philippines is Asia’s third largest remittance receiving country, where funds sent home from Filipino Overseas Foreign Workers (OFWs) are an economic lifeline. ODL 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, including:
- BKK Forex, a fully licensed remittance and foreign exchange company in Singapore
- DeeMoney, a Thailand-based financial solutions provider offering money transfers and foreign currency exchange services
- Siam Commercial Bank, one of Thailand’s leading universal banks
Through these new fiat connections on RippleNet, Tranglo will now be processing multiple currencies in the Asia-Pacific region, including Philippine Peso (PHP) and Thai Baht (THB).
With each country in Asia-Pacific having its own currency and unique payments infrastructure, the payments landscape is highly fragmented and lacks interoperability. Yet, Asia-Pacific continues to be one of the fastest growing for RippleNet as the region’s many SMEs, fintechs and PSPs look to address the current challenges associated with cross-border payments. Across the globe, ODL continues to gain momentum, growing 130% quarter-over quarter and making up almost a quarter of transactions on RippleNet.
“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,” said Brooks Entwistle, Managing Director of RippleNet in APAC and MENA. “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.
If you are interested in leveraging RippleNet for faster, more efficient and cost-effective global payments, contact us today.
Source : Ripple.com