Malaysian payment firm Tranglo has introduced its cross-border payment corridor to Mongolia, further expanding its global remittance network.
The firm intends to enhance cross-border payment services in the country through a single connection to regional corridors and local partners.
At present, Tranglo payment channels in Mongolia include direct-to-bank transfers as well as cash pickups.
The firm said that it plans to make several upgrades in the future, including blockchain integration through RippleNet.
Commenting on the development, 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 $550m 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, established in 2008, has footprint in Kuala Lumpur, Singapore, Jakarta, Dubai and London.
The firm’s proprietary cross-border payments solution called Tranglo Connect is designed to integrate payout and partner services and unify the end-to-end payment process.
Its global network is spread across over 100 countries, 2,500 mobile operators, 1,300 banks and wallets as well as 130,000 cash pickup points.
In May this year, Tranglo announced that it will power cross-border payments for Australia-based payments firm OmiPay.
This March, Ripple agreed to buy a 40% stake in Tranglo as part of its plan to accelerate the reach of its On-Demand Liquidity (ODL) service.