In a quest to move its objectives of fast and smooth payment solutions everywhere in the world to the next level, Ripple has joined forces with Tranglo, a leading Asian-based cross-border payment specialist.
According to the announcement, Ripple has consented to enter into a partnership with Tranglo, acquiring up to 40% as a stakeholder with the company.
Following the partnership, the cross-border payment specialist will be able to introduce fresh On-Demand-Liquidity (ODL) for nearby countries around its present network platform, besides, to already existing countries like the Philippines.
Ripple, on its part, will continue to expand its ODL tracks to new territories. Meanwhile, ripple existing customers who are already on the ODL platform will be able to connect to the Ripple Line of Credit to scale up cross-border payments into newer markets around the Southeast Asian region.
Per the latest collaboration, Ripple Net General Manager, Asheesh Birla, said, “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.”
He continues, “We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.”
In the meantime, the partnership is still subject to approval by Asian regulatory bodies. However, if approved, the partners hope to dive into action anytime soon, probably before the end of 2021.
Commenting on the collaboration, Tranglo’s CEO Jack Lee spoke, he said; “Tranglo has always prided itself on cross-border transaction faster, cheaper, and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
Meanwhile, Tranglo will not give up on providing its customers with current payment services that will make cross-border transactions more secure, faster, and cheaper.
Ripple is known for collaborating with and supporting cross-border payment platforms. Ripple, for example, has partnered with Finatsra to foster its payment solutions and enhance faster cross-border access on RippleNet.
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