Singapore: Tranglo has announced the launch of its brand new cross-border payment corridor to Mongolia.
According to World Bank estimates, remittance inflows to Mongolia made up about 4.2% of the country’s GDP in 2020. As that represents a significant amount of money that needs to be moved reliably, Tranglo will aim to improve the cross-border payment services there via a single connection to regional corridors and local partners.
Tranglo CEO Jacky Lee said: “The entry into Mongolia is in line with our plans this year. Mongolia is a key market with huge potential. It received about USD550 million in remittances last year against the backdrop of a global pandemic.
“Moving forward, we aim to transform the way Mongolians receive remittances by bridging the payment gaps through smart connectors.”
Tranglo’s payment channels in Mongolia include direct-to-bank transfers and cash pickups. Ongoing improvements that may make their way there include blockchain integration through RippleNet, a result of its partnership with US crypto giant Ripple.
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services seamlessly, unifying the end-to-end payment process. With Tranglo Connect, companies can immediately make payments to over 23 countries reliably and securely.
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.