Global pioneer of payment solutions for accessible and equitable financial services to the masses
Applicant name: Tranglo
Innovation Name: Tranglo Partner Network
Innovation Type: Solution
Mission: Global pioneer of payment solutions for accessible and equitable financial services to the masses
Innovation Description: Globally, about 1.7 billion adults remain unbanked, according to the World Bank.
They rely on alternative financial services to make or send cross-border
payments. Tranglo Partner Network (TPN) has a global presence that offers
multi-currency support through a variety of payment methods. This, together with
an integrated and seamless payment solution, enables remittance service
providers to expand their coverage easily to serve consumers with little or
restricted access to the mainstream financial services.
Advantages for businesses:
1. 24/7 integration support and detailed reporting
2. Full access to a network of 100 countries, 600 banks/wallets and 90,000 cash
Advantages for end users:
1. Real-time transactions that can be performed anywhere and anytime
2. More payout options
Status of Innovation: In-market
Innovation Active Since: 2018
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2008
Main Category Choice: B2B Solution
Why do you think you should win this category?:
Remittance service providers used to need to establish partnerships with different payment processors operating in different countries.
Tranglo’s proprietary Partner Network makes full use of our Application Programming Interface (API) to connect our partners to more than 100 countries with just one simple integration. It is designed as a single settlement interface that provides real-time, secure and timely payout across multiple currencies and geographies.
Incorporating world-class industry standards such as PCI DSS compliance assessments and state-of-the-art key management solution, our API minimises leakages: In 2017, a P2P market leader in Hong Kong reported a 99% transaction success rate after a mere 1.5 years of collaboration with Tranglo, processing more than 2 million transactions worth US$400 million with a whopping 91.2% return users.
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
According to the World Bank’s 2019 Migration and Development Brief, remittances to low- and middle-income countries reached a record high in 2018. This corresponds with Tranglo processing almost US$1.5 billion in
remittance flows the same year, a 100% increase over the processing value for 2017. This staggering growth is possible through the development of in-house innovative platform and API to meet the needs of top remittance recipients, such as India with US$79 billion, followed by China (US$67 billion) and the Philippines (US$34 billion). All of the above countries are Tranglo’s recipient channels.
We focus on cross-border payments and remittance solutions targeting emerging markets where there are a lack of structured and traditional financial services. Our vast network benefits end users by letting them send and receive money quickly at a more affordable rate. This is important seeing that reducing remittance costs to 3 per cent by 2030 is a global target under the UN Sustainable Development Goal.
Full Name: Jacky Lee Yuan Hui
Full Name: Daisy Wang
Role: Digital Marketing Manager
Full Name: Ho Siang Chuan
Role: Content Strategist
How TNG records exponential growth with Tranglo: https://tranglo.com/tranglo-tng-case-study/
Full Name: Jacky Lee Yuan Hui