Fomo Pay will use the company’s ODL services for crypto-enabled treasury management. Tranglo, SBI Remit and Pyypl are already using Ripple’s ODL services.
Enterprise blockchain and crypto solutions provider, Ripple has joined hands with Fomo Pay, a leading payments institution based in Singapore. Through the collaboration, Fomo Pay is planning to utilize Ripple’s crypto-enabled enterprise technology to boost its cross-border treasury flows.
Ripple’s ODL service leverages XRP to allow cost-efficient and quick settlements. Several companies around the world are using the blockchain firm’s ODL service to facilitate payments. In October 2021, the company partnered with Pyypl for the deployment of its ODL services in the Middle East.
Founded in 2015, Fomo Pay is one of the fastest-growing digital payment and banking solutions providers in Singapore. Through the latest partnership with Ripple, Fomo Pay aims to achieve instant and affordable cross-border settlements in EUR and USD.
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients 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,” said Louis Liu, the Founder and CEO of Fomo Pay.
Earlier this month, Ripple announced a partnership with CrossTower.
Ripple witnessed a major jump in the demand for its services in Asia during the last two years. In March 2021, the blockchain company acquired a 40% stake in Tranglo, one of the largest cross-border payment companies in Asia.
“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, the SVP and Managing Director at Ripple. “This is why we are so excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like Fomo Pay.”