Main navigation

Ripple Client Tranglo Approved for Boosting Money Transfers and E-Money Issuance in Asia

News
Tue, 08/10/2021 - 09:33
article image
Yuri Molchan
Ripple client Tranglo gets “blessed” by regulators to start offering new payment services in Singapore and other Asian countries
Ripple Client Tranglo Approved for Boosting Money Transfers and E-Money Issuance in Asia
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Cross-border payments and mobile payment solutions operator Tranglo spreads the word that now it has been approved by authorities in Singapore to offer its customers new services to do with money transfers in the country and abroad.

Ripple has recently purchased a 40-percent stake in Tranglo to enhance its presence in Southeast Asia and launch new ODL (On-Demand Liquidity) corridors for local consumers.

Tranglo gets a boost for its global payment services

According to the press release published in the Tranglo blog, the company has been approved to offer services in account issuing, in-country money transfers and e-money issuance.

The regulator that granted the license is the Monetary Authority of Singapore (MAS) who gave the permission under the PSA (Payment Services Act).

This act has been operating since 2019 and it protects consumers, ensures regulatory certainty. Besides, it provides space for innovation growth, improvement and boost for payment services operators and fintech industry.

Companies, whose operations become approved under the PSA comply with anti-money laundering and terrorism financing rules.

Related
Ripple Expands Its Presence in Southeast Asia by Acquiring Stake in Malaysian Firm

Tranglo’s Asian corridors to get a boost with new functions

The company’s payments network includes over hundred countries, 1,300 banks and wallets, and over 2,500 mobile operators that help to conduct payments and remittances.

The new license will allow Tranglo to enhance money transfers to millions of customers in Singapore and globally.

The first payment corridors that will get a boost from it are the ones in Thailand, Vietnam, Singapore, Philippines, etc.

They have now real-time payments fully operational with e-wallet functions added.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.