Malaysia-based fintech firm Tranglo has teamed up with Chinese e-commerce firm Alibaba’s online payments arm Alipay to provide cross-border remittance services.
As per the deal, users of Alipay can access Tranglo without leaving the Alipay app, to carry out secure and fast cross-border remittances. With this deal, Alibaba can leverage Tranglo’s global network for remittance services and Tranglo gets to serve Alipay customers and expand its business.
Speaking on the development, Alipay’s Head of Global Remittances Business, Clara Shi said,
We are committed to working with partners such as Tranglo, using innovative technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.
The partnership is aimed at migrant Asian workers spread across the world, who send remittances back to their families at home. Tranglo has formed local partnerships from the UK to Australia to facilitate cross-border remittances.
Alipay is managed by Ant Financial, the payments affiliate of Alibaba. Together with its local e-wallet partners in different countries, Alipay currently has a userbase of 1.2 billion across the world.
Founded in 2008, Tranglo has a license from the Monetary Authority of Singapore to be active in the remittances sector. It offers cross-border services for business payments, remittances, and mobile phone payments. It operates in over 100 countries. To facilitate its global operations, Tranglo has opened branches in Kuala Lumpur, Jakarta, Dubai, and London.
Tranglo’s payment services network includes 2500 mobile operators, 50 billers, 1300 banks/wallets, and 130,000 cash pick-up points. In 2019, it processed transactions worth $4.66 billion globally.