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- Tranglo expands services to Brunei, focusing on faster and more secure remittances for migrant workers through Ripple’s blockchain.
- Instarem integrates Apple Pay with Amaze card, enhancing the ease of contactless cross-border payments via mobile devices.
Tranglo, a Ripple partner, has expanded its services to Brunei, highlighting the company’s continued growth in Southeast Asia. This growth is particularly noteworthy given Brunei’s sizeable migrant labor community, many of whom rely on cross-border remittances to support their family back home.
#Ripple partner Tranglo is expanding service to Brunei. The workforce has many migrant laborers from nearby countries. Interesting to see the "8 supported banks, incl., Baiduri Bank Berhad, Bank Islam Brunei Darussalam, and Tabung Amanah Islam Brunei." https://t.co/EFaNFRwPLJ
— WrathofKahneman (@WKahneman) September 18, 2024
Tranglo Expansion Enhances Financial Inclusion and Eases Remittances in Brunei
Tranglo’s attempt to facilitate transactions through eight major banks in Brunei, including Baiduri Bank Berhad, Bank Islam Brunei Darussalam (BIBD), and Tabung Amanah Islam Brunei (TAIB), is consistent with the company’s aim of increasing financial inclusion in the region.
This smart choice not only strengthens Tranglo’s presence in Southeast Asia, but it also provides a much-needed solution to simplify the remittance process for international workers.
The new service is expected to make cross-border money transfers faster and more secure, which will be especially beneficial to Brunei’s migrant workers. Many of these workers struggle to send money home because of exorbitant fees and delayed transaction delays.
Tranglo’s strategy, particularly its use of Ripple’s blockchain technology for real-time payments, provides an effective answer. The company’s entry into Brunei strengthens its mission to provide financial access and economic mobility to underserved groups.
This is part of a larger initiative to link Southeast Asia’s fragmented financial institutions and make cross-border remittances more accessible to individuals in need.
However, the position of XRP, Ripple’s native digital currency, in Tranglo’s On-Demand Liquidity (ODL) service has sparked discussion among the XRP community. As we previously reported, some proponents claim XRP is actively incorporated across Tranglo’s network, which includes over 5,000 partner banks worldwide.
They say that this connection is critical for driving the acceptance of Ripple’s technology and increasing the use of XRP in global transactions. Critics, on the other hand, have pointed out that there is no tangible evidence that these banks are directly using XRP for their transactions.
This ongoing dispute underscores a bigger conversation in the cryptocurrency field over XRP’s real-world adoption and significance in the global financial ecosystem.
While Tranglo’s usage of Ripple’s ODL service has been confirmed, the intricacies of XRP’s role in the broader network are unknown, increasing interest and investigation among XRP investors and crypto enthusiasts.
In line with Tranglo’s progress, another Ripple partner, Instarem, has made strides by integrating Apple Pay with its Amaze card, providing consumers with a more easy and secure option to make cross-border payments. Apple Pay integration enables frictionless, contactless transactions with iPhones, iPads, and Apple Watches.