- An international money transfer firm from Malaysia has confirmed that it will open up operations in four new countries around the world, including one in the key region of Latin America.
- One of the goals of the new service will be to bring down the price of sending money home and abroad.
- A senior figure at the firm said that the company also plans to expand to a range of other markets in these key areas, such as Mexico and Argentina.
A leading provider of international money transfers has confirmed plans to expand its services abroad as part of a push to assist small firms based in key transfer regions.
Tranglo, which is based in Malaysia, said that it will open up payment services in three sub-Saharan African nations: Uganda, Ghana and Nigeria.
The firm also said that it will start operating in Brazil, marking a key milestone for the firm as it opens up in the Latin American market.
The new offer aims to help small firms.
In Brazil in particular, the firm is expected to rely on a network of partner institutions.
Some of these are financial services firms, meaning that customers will be able to transfer from bank account to bank account.
They will also be able to collect cash from designated pick-up points.
The firm grounded its decision to expand in its wider mission to bring down the cost of sending money to these nations.
According to figures from the World Bank, the average cost of transferring some cash amounts to sub-Saharan Africa was considerably higher than 5% at one point last year.
While the averages in Latin America are lower, they are still punishing, with average rates of just under 6% seen in some circumstances.
In a statement, a leading name at Tranglo said that the company is also planning to make a move into markets such as Argentina, among others.
Jacky Lee, who serves as chief executive officer, described the move as an early one in a series of future moves.
“It is just the first of many to come,” Lee said.
“We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond.”
Lee added that there were also plans afoot for the company to start offering sophisticated tools such as e-wallets to customers in the future.
“We are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year,” he said.
Tranglo is anchored around the use of a centralised dashboard for ease of use.
It currently operates in well over 20 nations around the world.
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