Cross-border payment hub Tranglo is bringing its services to Mongolia, with the aim of improving payments there, crowdfundraiser.com reported.
âThe entry into Mongolia is in line with our plans this year,â said the CEO of Tranglo. Jacky lee noted. âMongolia is a key market with enormous potential. It received around $ 550 million in remittances last year amid a global pandemic. “
Read more: Tranglo gets new payment licenses
Lee added that Tranglo wants to change the way people in Mongolia “receive remittances by closing payment gaps with our technology.”
Cash withdrawals and bank transfers are the most widely used payment channels in Mongolia. Going forward, Tranglo said he is considering blockchain integration with Ripple’s RippleNet.
Tranglo’s proprietary payment tool, Tranglo Connect, facilitates global payments for banks and businesses. It offers integrated payments and partner services while âunifying the end-to-end payment processâ.
You can also take advantage of: Simplifying cross-border payments
Present in 20 countries, Tranglo Connect also offers the Tranglo Business service, which allows users to send and receive payments through a multi-country virtual account service.
âThe funds are stored in virtual accounts, where they can be paid to vendors in six countries,â the company said in the statement.
Tranglo recently partnered with Ripple, which owns a 40% stake in the company, to introduce services in the Philippines.
Founded in 2008, Tranglo has offices in Singapore, Kuala Lumpur, Jakarta, Dubai and London, and a global network that includes 100 countries, 2,500 mobile operators, 1,300 banks or wallets and 130,000 cash pick-up points.
See also: QNB, Ripple Partner on cross-border payments
Earlier this month, Ripple also partnered with Qatar National Bank, which unveiled its global cross-border payments strategy.
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