Fintech firm Tranglo has introduced real-time international transactions in Malaysia amid surge in real-time payments across the country.
The service has been launched as part of Tranglo’s mid-term strategy to upgrade its system in the region.
It has enabled Tranglo to carry out over 80% of its cross-border transactions in real time.
Available round the clock, Tranglo’s new real-time cross-border service will facilitate both individual as well as business owners.
Subject to different terms and conditions, users of the service will get funds in Malaysia in a few minutes.
Malaysia’s central payment network PayNet revealed that its real-time payment outfit DuitNow has processed more than two billion transactions in the past three years, representing an increase of over 800%.
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It also noted that real-time payments in Malaysia are set to stand at seven billion in volume by 2025.
DuitNow currently links most of the bank accounts and e-wallets in Malaysia.
Tranglo group CEO Jacky Lee said: “Our regional payout capabilities just got a real shot in the arm.
“The ubiquity of DuitNow means infrastructure support for real-time transactions not just within Malaysia, but across ASEAN.
“That is a huge market that our global business partners can tap into via Tranglo.”
Tranglo currently uses its proprietary cross-border payments tool, Tranglo Connect, to help financial institutions and businesses with their international transactions.
Tranglo Connect offers services to more than 24 countries across the globe.
In April this year, Tranglo announced the launch of a new business payment offering, called Tranglo Business, to facilitate global payments with additional speed.