KUALA LUMPUR, March 30 (Bernama) -- Ripple, the leading provider of enterprise blockchain solutions for global payments, has agreed to acquire 40 per cent 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, according to a statement.
Tranglo will play a critical role in supporting existing corridors, such as the Philippines, and introducing new ODL corridors within its current network.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region,” said General Manager of RippleNet at Ripple, Asheesh Birla.
As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before.
Ripple’s investment in Tranglo is a reflection of the company’s deepened commitment to enriching the payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption.
Completion of this transaction is subject to regulatory approval and customary closing conditions and is expected to occur in 2021. Upon completion, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle will join Tranglo’s board of directors.
In addition, TNG Fintech Group will remain the majority shareholder in Tranglo and will work with Ripple to further expand Tranglo’s global remittances network.
-- BERNAMA
No comments:
Post a Comment