What a great way to start November. The community has come to find out that a new Ripple Corridor has been opened.
Ripple, the leading provider of enterprise blockchain solutions for global payments, announced that it has agreed to acquire 40% of Asia’s leading cross-border payments specialist Tranglo. This partnership will allow Ripple to meet growing customer demand in the region and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send money instantly and reduce working capital needs.
Tranglo has announced the launch of its brand new cross-border payment corridor to Mongolia.
According to World Bank estimates, remittance inflows to Mongolia made up about 4.2% of the country’s GDP in 2020. As that represents a significant amount of money that needs to be moved reliably, Tranglo will aim to improve the cross-border payment services there via a single connection to regional corridors and local partners.
Tranglo CEO Jacky Lee said: “The entry into Mongolia is in line with our plans this year. Mongolia is a key market with huge potential. It received about USD550 million in remittances last year against the backdrop of a global pandemic.
“Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps through smart connectors.”
Tranglo’s payment channels in Mongolia include direct-to-bank transfers and cash pickups. Ongoing improvements that may make their way there include blockchain integration through RippleNet, a result of its partnership with US crypto giant Ripple.
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services seamlessly, unifying the end-to-end payment process. With Tranglo Connect, companies can immediately make payments to over 23 countries reliably and securely.
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