Ripple customer Tranglo approved to boost remittances in Asia

Tranglo, which has partnered with Ripple, is getting a "blessing" from regulators to start offering new payment services in Singapore and other Asian countries.
Cross-border payments and mobile payment solutions operator Tranglo, which has partnered with Ripple, is spreading the word that it has now received approval from Singapore authorities to offer its customers new services related to domestic and overseas money transfers. Ripple recently acquired a 40 percent stake in Tranglo in order to expand its presence in Southeast Asia and launch new ODL (liquidity on demand) corridors for local consumers.

Ripple customer Tranglo approved to boost remittances in Asia

According to a press release on Tranglo's blog, the company has received permission to offer account opening, domestic money transfers and e-money issuance services. The regulatory body that granted the license is the Monetary Authority of Singapore (MAS), which gave the permission under the PSA (Payment Services Act).
This law has been in place since 2019 and protects consumers and provides regulatory certainty. It also provides room for innovative growth, improvement and incentives for payment service operators and the financial technology industry. Companies approved under the PSA comply with anti-money laundering and terrorist financing regulations.
Its payment network includes more than a hundred countries, 1,300 banks and wallets, and more than 2,500 mobile network operators that help make payments and transfers. The new license will allow partner Ripple Tranglo to increase remittances to millions of customers in Singapore and around the world. The first payment corridors to get a boost are Thailand, Vietnam, Singapore, the Philippines and so on. They now have real-time payments fully operational with added e-wallet features.
Earlier it was known that the head of Ripple has filed a petition for documents from Binance. There was also information that the Ripple Сurrency client will create a new e-money solution.
FX24

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