Following the agreement with Ripple, FOMO Pay will aim to provide instant cross-border payments in USD and EUR.
Ripple’s Latest Partnership
As a digital payment system for currency transactions, one of Ripple’s goals is to leverage cryptocurrency and provide cross-border payments. Its on-demand liquidity (ODL) is intended to enable fast and cost-effective payments, and several companies globally facilitate transactions through this feature.
Under the latest agreement, FOMO Pay will use that technology to achieve low-cost and fast cross-border payments in two of the leading fiat currencies: the dollar (USD) and euro (EUR). Giving more detail is Louis Liu – Founder and CEO of the Singapore organization:
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our customers with more efficient and cost-effective payment methods in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which enables us to achieve affordable and instant payments in EUR and USD. globally”.
For his part, Brooks Entwistle – SVP and CEO at Ripple – has outlined Asia Pacific as an area of great opportunity. It’s an area that is closely connected to blockchain technology, which is why Ripple is “excited to launch this crypto-powered treasury management use case for ODL with innovative customers.” like FOMO Pay,” he added.
Launched in 2015, the Singapore legal entity is one of the leading digital payment processing platforms in Southeast Asia. It has more than 10,000 customers, some of which include Changi Airport, Singapore Airlines and Marina Bay Sands.