March 30 2021, Singapore: Ripple, the leading provider of enterprise blockchain solutions for global  payments, announced that it has agreed to acquire 40% of Asia’s leading cross-border payments  specialist Tranglo. This partnership will allow Ripple to meet growing customer demand in the region  and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send  money instantly and reduce working capital needs.  

As a pioneer for cross-border payment services, Tranglo will play a critical role in supporting existing  corridors, such as the Philippines, and introducing new ODL corridors within its current network. As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before. Tranglo will continue to provide and expand its current payment services to  make cross-border transactions faster, cheaper and more secure for its customers. 

Southeast Asia’s payments landscape is highly fragmented. Each country comes with its own unique  process and payments infrastructure – the lack of a standard integration for regional cross-border  payments currently requires expensive workarounds. This partnership will see both companies  combine their in-depth local expertise to address the challenges associated with cross-border  payments. 

Ripple’s investment in Tranglo is a reflection of the company’s deepened commitment to enriching the  payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption. Last week,  the company announced Brooks Entwistle as Managing Director of Southeast Asia to lead and scale  its SEA operations.  

Jacky Lee, Chief Executive Officer at Tranglo said: “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.” 

Asheesh Birla, General Manager of RippleNet at Ripple 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.” 

Completion of this transaction is subject to regulatory approval and customary closing conditions and  is expected to occur in 2021. Upon completion, Amir Sarhangi, VP of Product and Delivery at Ripple,  and Brooks Entwistle will join Tranglo’s board of directors. TNG Fintech Group will remain the majority  shareholder in Tranglo.  

RippleNet leverages distributed ledger technology to deliver financial solutions – from bi-directional  messaging, settlement, liquidity management and lines of credit – to a global network of partners. Last  year, Ripple announced Line of Credit, a service on RippleNet that allows customers using On Demand Liquidity (ODL) to source capital on-demand to initiate cross-border payments at scale using  the digital asset XRP. 

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