JAKARTA – Cross-border payments and blockchain solutions company, Ripple, is collaborating with Singapore-based fintech company, FOMO Pay. The partnership is aimed at increasing the flow of funds between countries.
As a blockchain-based remittance company, Ripple uses cryptocurrencies to provide cross-border transfer settlements. Ripple has Liquidity On-Demand (ODL) which enables fast and cost-effective payments. A number of companies around the world use this facility for transactions.
Under the agreement of both parties, FOMO Pay will leverage Ripple's ODL technology for affordable and fast cross-border payments in a number of leading fiat currencies such as dollars and euros.
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with a more efficient and cost-effective mode of payment in multiple currencies,” said Louis Liu, founder and CEO of FOMO Pay.
He welcomed the cooperation between the two parties positively. The reason is that it allows companies to achieve instant settlement of money transfers.
“We are excited to partner with Ripple to leverage Liquidity On Demand for treasury management, which allows us to achieve affordable and instant settlements in EUR and USD globally,” added Liu, quoted by CryptoPotato.
According to SVP and Managing Director at Ripple, Brooks Entwistle, describes Asia Pacific as a region that presents many opportunities. This is an area closely related to blockchain technology, which is why Ripple is “very excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay,” he explained.
For your information, FOMO Pay was founded in 2015. The company is one of the leading digital processing platforms in the Southeast Asia region. To date, FOMO Pay has more than 10,000 customers including Changi Airport, Singapore Airlines, and Marina Bay Sands.
Prior to partnering with a Singapore-based company, Ripple first formed a partnership with a German crypto payment service company, Lunu. With the cooperation of the two parties, it is possible for cryptocurrency to be a payment method for consumers. In addition, Lunu has a number of well-known clients such as famous British fashion companies Farfetch and Steven Stone. Then there's Off-White, and more.
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