Cross-border payment hub Tranglo has launched its new cross-border payment corridor to Mongolia. They said it will aim to improve the cross-border payment services there via a single connection to regional corridors and local partners. According to World Bank estimates, remittance inflows to Mongolia made up about 4.2 per cent of the country’s GDP in 2020.
“The entry into Mongolia is in line with our plans this year,” Tranglo CEO Jacky Lee said. “Mongolia is a key market with huge potential. It received about $550 million USD in remittances last year against the backdrop of a global pandemic.
“Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps with our technology.”
Their payment channels in Mongolia include direct-to-bank transfers and cash pickups. Improvements that could also occur, according to the company, include blockchain integration through RippleNet, a result of its partnership with US crypto giant Ripple.
Via Tranglo Connect, its proprietary payments solution, the company helps financial institutions and businesses make global payments. It integrates payout and partner services while unifying the end-to-end payment process. With Tranglo Connect, companies can immediately make payments to more than 20 countries. Tranglo also offers Tranglo Business, customers can send and receive payments through a multi-country virtual account service. The funds are stored in virtual accounts where they can be disbursed to suppliers in six countries. Tranglo Recharge offers airtime top-ups and mobile credit.
Earlier this month the company collaborated with Ripple to launch its initial live on-demand liquidity service provider in the Philippines. The service is situated on Ripple’s financial institutions global payments network RippleNet. It employs XRP as a liquidity provider during the process of completing cross-border transactions. Ripple became a 40 per cent owner of Tranglo in March.
The company was founded in 2008, and has offices in Singapore, Kuala Lumpur, Jakarta, Dubai and London. Their global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks or wallets and 130,000 cash pickup points.