Ripple Acquires 40% Stake in Asia Remittance Payments Firm Tranglo

Ripple said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia.

AccessTimeIconMar 30, 2021 at 4:15 a.m. UTC
Updated Aug 19, 2021 at 8:25 a.m. UTC

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Cryptocurrency company Ripple has acquired a large stake in an Asia-based cross-border payments specialist to meet growing customer demand.

Ripple said Tuesday it has agreed to acquire a 40% stake in Tranglo for the purpose of expanding its RippleNet On-Demand Liquidity service, according to a press release. Tranglo is a cross-border money and prepaid credit transaction hub providing businesses and individuals the ability to transfer payments globally, according to its website.

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  • Southeast Asia's payments landscape is "highly fragmented," Ripple said in the release. Each country possesses its own form of payments infrastructure but the region lacks a standard integration for regional cross-border payments.

    Ripple said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia, according to the release.

    “By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim ... to provide accessible and equitable financial services to the masses,” said Tranglo's CEO Jacky Lee in a statement.

    The move into Southeast Asia coincides with Ripple's new hire: on March 19, former Goldman Sachs executive Brooks Entwistle joined the firm as managing director of Southeast Asia. Entwistle is expected to lead and scale the company's operations in the region.

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