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 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 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.
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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.