- Tranglo, which is based in Singapore, has announced that it will open a new service in the Mongolian market as part of an effort to improve cross-border payments there.
- The company, which is part owned by Ripple, will offer a variety of different payment and pickup methods while also potentially using blockchain-powered techniques further down the line.
- “Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps through smart connectors,” said a senior figure at the firm, which was set up in 2008.
Tranglo, an international money transfer company, has confirmed that it will open up in the Mongolian market.
The company, which is based in Singapore, said that it will open up in Mongolia as part of a push to improve the payments system in the country.
The new service it plans to offer includes a variety of different payment channels.
These include cash pickup options as well as direct-to-bank transfers.
It also suggested that it might look to integrate blockchain-powered transfer techniques.
This could involve working with the blockchain company Ripple.
Ripple owns a 40% stake in Tranglo.
In a statement, the company said that statistics revealed that inbound cross-border payments accounted for over 4% of the gross domestic product of the country last year.
“According to World Bank estimates, remittance inflows to Mongolia made up about 4.2% of the country’s GDP in 2020,” it said.
“As that represents a significant amount of money that needs to be moved reliably, Tranglo will aim to improve the cross-border payment services there via a single connection to regional corridors and local partners.”
The firm’s chief executive officer Jacky Lee also made remarks, saying that the move came as part of the company’s plans for the year.
He said that the Mongolian market offered great potential.
“The entry into Mongolia is in line with our plans this year. Mongolia is a key market with huge potential,” he said.
“It received about USD550 million in remittances last year against the backdrop of a global pandemic.”
He also said that the company had grand plans when it comes to the way that it wanted to change the remittance market.
“Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps through smart connectors.”
Tranglo is a major cross-border payments provider.
It was first set up in 2008 and has offices across Asia as well as in London.
In terms of transfers, it operates in over 100 countries across the globe and has connections with around 2,500 mobile phone operators as well as a six-figure total of cash pickup points.
Tranglo is one of a whole variety of payments companies operating in the online money transfer sphere – to get more details, just head over to our website’s reviews section and see what’s happening in this industry.
