Asia is one of the fastest-growing blockchain regions around the world. Several financial institutions in Asia have formed key partnerships to improve cross-border payments in the region. One of them is Tranglo. In a recent announcement, Ripple, one of the largest stakeholders in Tranglo, mentioned that the partnership has demonstrated significant momentum during the last 6 months.
During the mentioned period, Tranglo launched its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines. Asia’s prominent cross-border payments firm is also planning to expand its services in the coming months. Ripple outlined that the cross-border payments expertise of Tranglo has played a critical role in meeting customer demand and supporting existing RippleNet corridors in Asia Pacific.
Through the help of the newly developed fiat connections on RippleNet, the Asian cross-border payments firm will now be processing multiple currencies in the Asia-Pacific region, including Philippine Peso (PHP) and Thai Baht (THB).
“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,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, commented on the latest announcement.
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“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,” Entwistle added.
Ripple’s Blockchain Technology
RippleNet service from Ripple gained popularity among financial institutions around the world. Yesterday, UAE-based FX and global money transfer company, Al Ansari Exchange announced that the company has selected RippleNet Cloud to enable cross-border remittances to Malaysia with MoneyMatch.
“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,” Tranglo Group CEO Jacky Lee, said.