Ripple announced the new investment as part of its aim to enhance the payment ecosystem in Southeast Asia
Ripple, the cryptocurrency company, has announced that they have acquired a major stake in a payments specialist based in Southeast Asia in a bid to meet their ever growing customer demand.
On Tuesday, Ripple agreed the 40% stake in Tranglo with the aim to expand its RippleNet On-Demand Liquidity service.
One of the reasons for Ripple's investment in Tranglo is due to Southeast Asia becoming the fastest-growing region for RippleNet adoption.
CEO of Tranglo, Jacky Lee, explained:
“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"
While RippleNet General Manager, Asheesh Birla, added that:
“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.”
Currently, Southeast Asia's payment environment is not well connected and it is "highly fragmented." Each country has implemented their own type of payment structure but there is a lack of integration in regional cross-border payments.
This deal is subject to regulatory approval and customary closing conditions which are set to be finalised in 2021. Once the deal goes through, Amir Sarhangi (VP of Product and Delivery at Ripple), Brooks Entwistle (Managing Director of Southeast Asia) will both join Tranglo's board of directors while TNG Fintech Group will still act as the major shareholder in Tranglo.
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