FOMO Pay will use Ripple’s On-Demand Liquidity product in order to increase the efficiency of payments
Blockchain company Ripple has inked a partnership with FOMO Pay, one of the leading payment institutions in Singapore, according to a Monday announcement.
The deal will make it possible for FOMO Pay to improve its treasury payments by leveraging Ripple’s On-Demand Liquidity (ODL) technology and gaining constant access to liquidity for the euro and the U.S. dollar.
Prior to partnering with Ripple, the company had to use inefficient modes of payments where funds would take up to several days to reach destination accounts. According to FOMO Pay CEO Louis Liu, the company will now be able to conduct affordable and nearly instantaneous settlements.
Brooks Entwistle, SVP and Managing Director at Ripple, claims that the Asia-Pacific region is full of opportunities to solve issues related to inefficient payment mechanisms.
FOMO Pay was founded back in 2015 as a one-stop payment aggregator for enterprises and merchants spanning the e-commerce, telecom, retail, tourism industries.
Last year, the company secured additional licenses from the Monetary Authority of Singapore (MAS) in order to expand the list of its regulated activities. FOMO Pay gained the ability to facilitate transactions with digital payment tokens, including central bank digital currencies (CBDCs).
As reported by U.Today, the ODL payment solution experienced rapid growth in 2021, accounting for a fourth of all transactions on the RippleNet network. Ripple continues to onboard partners around the globe despite its legal troubles in the U.S. The ODL product is now on track to achieve global coverage. The list of Ripple’s partners who use the payment solution includes Novatti, iRemit, FlashFX, and others.