Alipay partner Tranglo integrates Ripple’s cross-border payments
Alipay partner Tranglo, a Malaysian cross-border payments solution, has announced a collaboration with Ripple for the latter’s remittance infrastructure ‘RippleNet’.
Tranglo began implementing Ripple’s cross-border payments technology last November, according to its project manager Estee Lau. The fintech is known for its cross-border payments application programme interface (API) which integrates with 18 countries including China, India, Singapore and the Philippines.
The fintech did not mention whether it was adding the XRP digital asset which reduces transaction times and fees, but it’s clear that Tranglo’s recent partnership with Alipay makes it a key player in the Asia-Pacific region.
The Malaysian fintech partnered with Alipay, the Chinese mobile wallet owned by Ant Financial, earlier this month. “As part of the partnership, Tranglo will facilitate seamless cross-border remittances to users of Alipay, who will be able to receive quick and secure money transfers within the app,” the companies said in a statement.
Alipay has also partnered with TransferWise competitor WorldRemit to allow the remittance company’s some four million customers to transfer cross border payments to its app.
Alipay, which has more than one billion users when combined with its local digital wallet partners, has made clear moves into the remittance market in the last three months. In November, the company partnered with Finablr – the owner of Travelex, Remit2India and Unimoni – to get access to these various remittance services in what was one of its first steps into the cross-border payments space.
Alipay and Finablr, a partner of the blockchain-based payments platform Ripple, will also work on digital gifting and driving efficiencies together through the Alipay Blockchain Information System.
As well as Alipay, Tranglo also announced its partnership with China’s other major mobile wallet, Tencent’s WeChat Pay. The collaboration will allow WeChat users in Hong Kong to send money to Indonesia and the Philippines.