FinTech firm Ripple has announced that it has invested in one of Southeast Asia’s leading cross-border payment specialists, thereby expanding the reach of RippleNet’s On-Demand Liquidity (ODL) service.
Ripple announced via a blog post yesterday (March 29) that it had agreed to acquire 40% of Tranglo, which was founded in 2008 by a Malaysian serial entrepreneur.
Ripple says that Tranglo will “play a critical role in supporting existing corridors — such as the Philippines — and introducing new ODL corridors within its current network.”
Jacky Lee, Chief Executive Officer at Tranglo, had this to say:
“Tranglo has always prided itself on making cross-border transactions 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.“
As for Asheesh Birla, General Manager of RippleNet at Ripple, he 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. 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.“
Ripple CEO Brad Garlinghouse tweeted that he was thrilled about this partnership:
“Thrilled to finally announce this one — combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit!“
Ripple points out that this transaction is subject to regulatory approval, which is expected to occur later this year. Once this has happened, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle, the recently-appointed Managing Director of Southeast Asia at Ripple, will join Tranglo’s board of directors. TNG Fintech Group will continue to be the majority shareholder in Tranglo.
According to data by TradingView, over on crypto exchange Bitstamp, the XRP price reached $0.58187 at 08:01 UTC on March 30; this is the first time that XRP has traded above the $0.58 level since March 23.