Tranglo, a Ripple partner, has implemented real-time cross-border payments in one of the ASEAN region’s fastest-developing countries. Earlier this month, the business announced its expansion into the UAE and the establishment of a payment corridor there. It’s time for Malaysia again but in a different way.
The novelty is that 80% of Tranglo’s cross-border payments will be completed in real-time. Because of the increase in real-time transactions in Malaysia, modification was required. The breakthrough was made possible by PayNet, Malaysia’s central payment system, which had already deployed the DuitNow real-time platform.
Real-time transactions have increased 800% in three years as a result of these operations and are predicted to expand 3.5 times more by 2025.
Tranglo, for its part, intends to strengthen its position in the cross-border transfer industry by introducing new and relevant technologies, seeing opportunities not only in Malaysia but throughout the Asia-Pacific region.
Ripple is one of Tranglo’s main investors, with a 40% stake in the company. If the aforementioned data is correct, Tranglo’s expansion in South Asia and matching market growth should be another pillar of Ripple’s Asian foundation.
If all Ripple partners continue to expand at the same rate, we can expect the ODL sales statistics predicted in the company’s last report.
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