Cross-border payments and mobile payment solutions operator Tranglo has reportedly been given Singapore authorities’ permission to offer its customers services in account issuing, in-country money transfers and e-money issuance in Asia.
Tranglo is a global cross-border payment processing hub that supports business payments, mass payout, payment collection, money transfer and mobile top up. The company was founded in 2008 and has offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Their payment systems allow users to transfer money between more than 100 countries, 1300 banks and wallets, as well as 2500 mobile network operators.
Tranglo was also one of the first companies to create their own cross-border payment platform in Southeast Asia.
Ripple has recently agreed to acquire 40% of Tranglo — this partnership enables Ripple to meet growing customer demand in the region and expand the reach of RippleNet’s On-Demand Liquidity (ODL) service — which uses the digital asset XRP to instantly send money and reduce working capital needs.
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 license was granted by the Monetary Authority of Singapore (MAS). The agency approved offering new services under the PSA (Payment Services Act), that has been in operation since 2019 and was created for customer protection and ensuring regulatory certainty. The lisense obliges companies to comply with anti-money laundering and terrorism financing rules.
The new license comes with the benefit of enhancing money transfers to millions of customers in Singapore and globally, starting with Thailand, Vietnam, Singapore, Philippines and others.
The Monetary Authority of Singapore (MAS) just green lighted Tranglo to create new payment functions. Real-time payments are now fully unlocked for Thailand, Vietnam and Singapore, while fully functional e-wallet is now available in Philippines, Indonesia and Pakistan.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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