Ripple partner launches cross-border payment corridor to Mongolia
Every day we see traditional financial institutions scrambling to understand their crypto strategy, and it’s understandable. Crypto has passed the tipping point of mainstream consciousness. Its use cases such as cross-border payments are firmly outside the sandbox stage.
Ripple, a San Fransico-based fintech company, has played a vital role in cross-border payments with crypto rather than traditional fiat. Ripple’s financial technology network, RippleNet, or its other partner Tranglo (in which it has a 40% stake) have taken control of remittances across the globe.
Asia’s leading cross-border payments specialist, Tranglo, is trending in the crypto news right now.
Ripple partner Tranglo launches Mongolian cross-border payment corridorhttps://t.co/UlpsTTAW9Y
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) November 1, 2021
As per the official announcement, Tranglo has launched its new cross-border payment corridor to Mongolia. The Singapore-based company will do so “via a one-stop connection to regional corridors and local partners.” Mainly to improve cross-border payments in this region of East Asia. It will offer a variety of payment and withdrawal methods such as direct bank transfers and cash withdrawals. Also potentially using blockchain-powered techniques further down the line.
Tranglo CEO Jacky Lee said:
“The entry into Mongolia is in line with our plans this year. Going forward, we aim to transform the way Mongolians receive remittances by closing payment gaps through smart connectors. »
Today, as in the past, remittances are an integral part of the life of every individual in the world. Consider Mongolia for example. According to World Bank estimates, remittances to Mongolia accounted for around 4.2% of the country’s GDP in 2020.
In this context, Lee also said, “Mongolia is a key market with huge potential. It received around $550 million in remittances last year amid a global pandemic.
This clearly highlights the need as well as the valuation in such a field. Especially in Asia. Lately, Ripple and its partners have been working with different local authorities around the world to improve cross-border payments. These regions include the United Arab Emirates, Turkey, Japan, etc.