Cross-Border Payments Platform Tranglo Moves Into Mongolia

Cross-border payment hub Tranglo is bringing its services to Mongolia, with an eye on improving payments there, crowdfundraiser.com reported.

“The entry into Mongolia is in line with our plans this year,” Tranglo CEO Jacky Lee said. “Mongolia is a key market with huge potential. It received about $550 million in remittances last year against the backdrop of a global pandemic.”

Read more: Tranglo Granted New Payment Licenses

Lee added that Tranglo wants to change the way people in Mongolia “receive remittances by bridging the payment gaps with our technology.”

Cash pickups and direct-to-bank are the payment channels used most of the time in Mongolia. Looking ahead, Tranglo said it is considering a blockchain integration with Ripple’s RippleNet.

Tranglo’s proprietary payments tool, Tranglo Connect, facilitates global payments for banks and businesses. It offers integrated payouts and partner services while “unifying the end-to-end payment process.”

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Working across 20 countries, Tranglo Connect also has the Tranglo Business service, which enables people to send and receive payments through a multi-country virtual account service.

“The funds are stored in virtual accounts, where they can be disbursed to suppliers in six countries,” the company said in the release.

Tranglo recently teamed with Ripple, which holds a 40% stake in the firm, to introduce services in the Philippines.

Founded in 2008, Tranglo has offices in Singapore, Kuala Lumpur, Jakarta, Dubai and London, and a global network that includes 100 countries, 2,500 mobile operators, 1,300 banks or wallets and 130,000 cash pickup points.

See also: QNB, Ripple Partner on Cross-Border Payments

Earlier this month, Ripple also partnered with Qatar National Bank, which unveiled its global cross-border payment strategy.