Ripple, Tranglo launches Malaysia-Philippines remittance network
Ripple announced on the 21st that Malaysia-based international payment provider Tranglo has launched a service using Ripple Net’s ODL (on-demand liquidity) in the Philippines. The companies have further plans to open more remittance channels in the near future.
In an official company’s announcement, Ripple explained that the Philippines is the third-largest recipient of overseas remittances in Asia and a large part of the economy is supported by Filipinos working overseas.
According to recent World Bank data, the number of international remittances received between individuals accounted for 9.7% of the Philippines’ GDP in 2020, suggesting a high demand for low-cost remittance channels.
Tranglo will be able to leverage Ripple’s existing network in the Asia-Pacific region to process multiple fiat currencies such as the Philippine peso (PHP) and Thai baht (THB).
Participating companies in the new initiative include Singapore-based remittance and foreign exchange company BKK Forex, Thailand-based financial solutions provider DeeMoney, and Thailand’s major commercial bank Siam Commercial Bank.
Ripple announced in March that it had agreed to acquire a 40% stake in Tranglo as part of its expansion plan in Southeast Asia. According to Ripple, in 2020, Ripple Net transactions in Southeast Asia were 10 times higher than the previous year.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:
“The strong traction with Tranglo in the past six months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia-Pacific, a region which is often tricky to navigate.”
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