Ripple To Improve Cross-Border Payments In Partnership With FOMO Pay
- Ripple has partnered with FOMO Pay, a Singapore-based fintech firm, to improve cross-border payment systems with the help of Ripple’s On-Demand Liquidity (ODL) technology
- The firm has been expanding rapidly recently as its lawsuit with the SEC continues
Renowned Blockchain firm Ripple has announced that it has joined hands with the Singapore fintech company FOMO Pay with the aim to accelerate its cross-border treasury flows.
The agreement states that FOMO Pay will make use of Ripple’s On-Demand Liquidity (ODL) technology to enable quick and inexpensive cross-border payments in the euro and the dollar, two of the most popular fiat currencies.
One of Ripple’s objectives as a digital payment system for financial transactions is to use XRP and offer cross-border settlements. With the help of its ODL feature, many businesses throughout the world are able to conduct instant and cost-efficient transactions without the requirement to hold pre-funded capital in a destination market.
Commenting on the partnership, the founder and CEO of FOMO Pay, Louis Liu, said that being “one of the leading payment institutions in Singapore,” his company aims to provide its customers with more efficient and cost-effective payment modes in different currencies.
“We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlement in EUR and USD globally,”
he stated
Founded in 2015, the Singaporean company is one of the best digital payment processing service providers in Southeast Asia and has more than 10,000 clients, including Changi Airport, Singapore Airlines, and Marina Bay Sands.
On the other hand, SVP and Managing Director at the firm, Brooks Entwistle, said that the Asia Pacific region presents many opportunities for Blockchain technology, and Ripple is “excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay.”
“With the Asia Pacific region teeming with opportunities to solve existing silos and inefficiencies with payments, we’re seeing many forward-looking financial institutions clamoring for the next evolution of payment infrastructures – and notably based on crypto and blockchain technologies,”
said Brooks Entwistle, SVP and Managing Director at Ripple.
Ripple’s continuous expansion efforts
Despite its high-profile legal battle with the United States Securities and Exchange Commission, the payments firm is continuously expanding its wings in different regions around the world to solidify its position in the crypto space. In June, the company joined forces with the Berlin-based crypto payment provider Lunu to help luxury retailers in accepting crypto as a payment method.
The move enabled several British luxury fashion brands Farfetch and Steven Stone, the Italian Off-White, to adopt crypto as payment, thanks to Ripple’s Liquidity Hub.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
