Tranglo approved by Singapore authorities

Tranglo, a provider of cross-border payments and mobile payment solutions, is spreading the word that it has been approved by Singapore authorities to offer its customers new money transfer services within the country and abroad.

Ripple recently acquired a 40% stake in Tranglo in order to strengthen its presence in Southeast Asia and to establish new ODL (On-Demand Liquidity) corridors for local consumers. Tranglo receives approval to offer account issuing, in-country money transfers, and e-money issuance, according to a press release published on the Tranglo blog.

The Monetary Authority of Singapore (MAS) granted the license pursuant to the PSA (Payment Services Act). Since 2019, this act has been in effect, protecting consumers and ensuring regulatory certainty. Additionally, it creates an environment conducive to innovation, improvement, and growth for payment service providers and the fintech industry.

Businesses whose operations are approved under the PSA must adhere to anti-money laundering and counter-terrorism financing regulations. Ripple Expands Its Presence in Southeast Asia by Acquiring a Stake in Malaysian Firm Tranglo’s Asian corridors will benefit from new functions. Ripple’s payments network currently spans over a hundred countries, 1,300 banks, and wallets, and over 2,500 mobile operators that facilitate payment and remittance transactions.

Tranglo’s new license enables it to enhance money transfers to millions of customers in Singapore and around the world. The first payment corridors to benefit are those in Thailand, Vietnam, Singapore, and the Philippines, which now have fully operational real-time payments with e-wallet functionality.

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