Ripple partner Tranglo joins forces with Esewa Money Transfer to boost cross-border payouts in Nepal as the country’s remittances surge to over $8 billion.
Tranglo, the esteemed partner of Ripple, has unveiled a new collaboration with another payment service provider in a significant boost to cross-border payment services.
In a press statement today, Tranglo announced an extended partnership with Esewa Money Transfer, a top remittance business in Nepal.
“We’re bringing omnichannel, digital payments for remittances to Nepal,” the Ripple partner declared in a tweet.
We’re bringing omnichannel, digital payments for remittances to Nepal!
Read the full press release on our expanded partnership with @eSewaNepal, Nepal’s fastest-growing digital remittance service provider.https://t.co/iZb2b2WCKh
— Tranglo (@Tranglo) August 3, 2023
Tranglo proudly unveils its latest offering of fortified cross-border payout services, encompassing a broader reach within RippleNet, the payment network curated by Ripple.
Recall that Tranglo partnered with Al Ansari Exchange, UAE’s most prominent personal remittance business, in May, as The Crypto Basic reported.
The latest alliance with Esewa enables Tranglo’s global partners to dispatch transactions directly through the eSewa digital wallet to Nepali beneficiaries. This strategic move aims to elevate the efficiency of payouts to the country and revolutionize the financial landscape.
Also, the announcement highlights Esewa Money Transfer’s emergence as Nepal’s fastest-growing remittance service provider, a subsidiary of Fintech conglomerate F1Soft Group.
In addition to the recent partnership, Tranglo is all set to bolster Foneremit, F1Soft’s core remittance solution, with direct API access.
Nepal’s Growing Remittance Industry
Notably, the press statement spotlighted the remarkable surge in remittance to Nepal recently. It revealed that in the first 11 months of the current fiscal year, the country received a staggering over $8 billion in remittances.
This figure marked a notable 13% increase compared to the same period in the previous year.
Tranglo Group CEO, Jacky Lee, expressed enthusiasm and acknowledged that remittances account for over 20% of Nepal’s GDP. According to Lee, this makes improvements in cross-border payment processes a top priority.
The CEO exuded confidence in Tranglo’s global payment architecture and real-time processing, expected to expedite and economize money transfers to Nepal significantly.
Similarly, F1Soft Group President, Biswas Dhakal, expressed delight in working closely with Tranglo, emphasizing their shared goal of creating a cashless economy.
Dhakal stated that leveraging Tranglo’s cross-border payment technology will enable them to continually enhance their services and remain sustainable t in a rapidly evolving financial landscape.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
