Hong Kong: Tranglo, the cross-border payment gateway specialist, has partnered up with Hong Kong’s TNG Fintech Group to expand its global money transfer services to the United Kingdom. This is their second collaboration together, first being the existing money transfer alliance that covers Asia.
This partnership saw Tranglo further magnifies their expertise in delivering payment needs to the UK and European market. Together with TNG, it will introduce the highly popular Hong Kong-based e-wallet service, TNG Wallet to the UK with an investment of USD20 million. The joint partnership will also offer services such as cashless electronic payment, P2P money transfer, global bill payment, SIM card airtime top-ups, e-coupon redemption and e-ticketing as per their current portfolio.
According to the World Bank, estimated outbound remittances from the UK stand at approximately £16.5 billion per annum, with the majority being sent to the Middle East and Asia. This serves as a great opportunity for Tranglo and TNG to promote global financial inclusion that will touch on the “unbanked” sector of the population. Many of them do not have possession of bank accounts, but are ready to use e-wallets and other Fintech services for easier overseas money transfers.
Tranglo CEO and founder, Mr Hui Yong Sia commented about the partnership “We are excited to embark upon the next phase of our partnership with TNG to digitize our customers’ financial needs. Combining TNG’s highly secure and diverse functionalities and Tranglo’s proven capabilities in global money transfer, we will enable instant, convenient and reliable flow of remittances between the UK and Asia.”
Tranglo is a leading global financial transactions hub operator that offers integrated payout solutions and processing since 2008. With services such as cross-border airtime exchange, money transfer and bill payment, its current connectivity reaches more than 600 banks and mobile wallets, 250 mobile operators and 9,000 retail points across 110 countries.
TNG is the operator of TNG Wallet, Hong Kong’s leading e-wallet which revolutionizes the way consumers shop, pay and transfer money through its comprehensive suite of FinTech services. The company has generated over $1 billion worth of transactions in the course of two years since its launch with double digit growth for monthly transaction volume.