Ripple-Backed Tranglo Receives New Approvals from MAS

Tranglo, a leading Asian cross-border payment firm backed by Ripple, recently announced that the company has received new approvals from the Monetary Authority of Singapore (MAS) to provide account issuance, domestic money transfer and e-money issuance services.

In an announcement, Tranglo mentioned that the company obtained approvals under the Payment Services Act (PSA), which was passed by the Singaporean Parliament on 14 January 2019. Tranglo is planning to expand its services through the latest approvals. In March 2021, Ripple, the San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company, acquired a 40% stake in Tranglo.

Ripple invested in Tranglo to expand the reach of RippleNet’s ODL service in the Asian region. The blockchain firm also termed Tranglo as an important partner for its expansion in Asia. The Asian cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term firm has expanded its services significantly since its partnership with Ripple. Through the latest approvals, Tranglo will be able to enhance its payment function in different countries including the Philippines, Indonesia, Thailand, Vietnam and Singapore.

Commenting on the recent announcement, Tranglo Group CEO, Jacky Lee, said: “The new licenses are a testament to the capabilities of Tranglo. As a global payments provider based in Singapore, we have provided revolutionary fintech solutions locally and abroad. We are thankful for the support and will continue to bring improved financial services to the masses.”

Partnerships of Ripple

In addition to the acquisition of a 40% stake in Tranglo, Ripple has formed several partnerships in the last six months. In July 2021, the company announced a collaboration with Japan’s SBI Remit and the Philippines-based Coins.ph for the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan. In May 2021, the National Bank of Egypt (NBE) and Lulu International Exchange, a Dubai-based financial services firm, partnered through Ripple’s global payments network (RippleNet). Both companies collaborated for the smooth execution of cross-border payments from the United Arab Emirates (UAE) to Egypt.