Ripple has announced a 40% stake in an Asian cross-border payments company, Tranglo, which is still subject to regulatory approval. This transaction is expected to be completed this year, which will make Amir Sarhangi, VP of Product and Delivery at Ripple and Brooks Entwistle to join Tranglo’s board of directors. TNG Fintech Group, meanwhile, will remain the majority shareholder in Tranglo. Malaysia-based Tranglo has processed more than 20 million transactions totaling $4 billion in value since its inception. Last year, Tranglo inked partnerships with Alipay and WeChat to tap into China’s US$17 trillion mobile payments market. The San Francisco-based fintech startup said on Tuesday that the tie-up would help the company meet the demand for the use of its XRP cryptocurrency in transactions. “Thrilled to finally announce this one — combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit!” said Ripple CEO Brad Garlinghouse.
Ripple Acquiring 40% Stake in Cross-border Payments Company to Expand into Southeast Asia
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30 March 2021 10:36, UTC