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.
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.