Blockchain-based payments provider Ripple said it has agreed to acquire 40 percent of Tranglo, a cross-border payments specialist. This partnership will allow San Francisco-based Ripple to meet growing customer demand in Asia, the company said in a press release.
As part of the deal, “Tranglo will continue to provide and expand its current payment services to make cross-border transactions faster, cheaper and more secure for its customers.” For its part, Ripple said that it offers “on-demand liquidity (ODL),” which allows it to “send money instantly and reduce working capital needs.”
“We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets,” said Asheesh Birla, general manager of RippleNet at Ripple. He added in the release that “Tranglo’s robust payments infrastructure” and its history of good customer service make it “an ideal partner” as Ripple expands in Southeast Asia.
“By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to … provide accessible and equitable financial services to the masses,” said Jacky Lee, Malaysia-based Tranglo’s CEO.
“Southeast Asia’s payments landscape is highly fragmented,” the release said. “Each country comes with its own unique process and payments infrastructure … This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments.
Earlier this year, Ripple announced it had entered into an arrangement under which Malaysian mobile wallet provider Mobile Money, and bKash, a provider of mobile financial services to more than 45 million people in Bangladesh, would conduct transactions through the RippleNet network.
“bKash and MobileMoney will gain access to a wide range of RippleNet’s features, including wallet-to-wallet transactions,” Ripple wrote in a news release announcing the deal. Mutual Trust Bank was set to handle local banking in Bangladesh under the new arrangement.
“More than ever, the pandemic has demonstrated that there is a strong need for remittance solutions that enable people to transfer money anytime and anywhere,” said Lee Eng Sia, founder of Mobile Money.