The blockchain company – Ripple – teamed up with the Singaporean fintech firm – FOMO Pay, aiming to boost its cross-border treasury flows.
As a digital payment system for monetary transactions, one of Ripple’s goals is to leverage crypto and provide cross-border settlements. Its On-Demand Liquidity (ODL) is meant to enable quick and cost-efficient payments, and several companies across the globe facilitate transactions via this feature.
According to the newest agreement, FOMO Pay will utilize that technology to achieve low-cost and swift cross-border payments in two of the leading fiat currencies: the dollar (USD) and the euro (EUR). Giving more detail was Louis Liu – Founder and CEO of the Singaporean organization:
“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 settlements in EUR and USD globally.”
For his part, Brooks Entwistle – SVP and Managing Director at Ripple – outlined the Asia Pacific as a region presenting many opportunities. It is an area closely connected to blockchain technology, which is why Ripple is “so excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay,” he added.
Launched in 2015, the Singaporean entity is among the leading digital payment processing platforms in Southeast Asia. It has over 10,000 customers, some of which include Changi Airport, Singapore Airlines, and Marina Bay Sands.
Last month, Ripple joined forces with the Berlin-based cryptocurrency payment provider – Lunu – to enable luxury retailers to accept cryptocurrencies as a payment method. Some of Lunu’s high-profile clients are the British fashion brands Farfetch and Steven Stone, the Italian Off-White, and more. Those companies embraced digital asset payments both in-store and on their online platforms following the partnership.
The move was made possible thanks to Ripple’s Liquidity Hub. Its main goal is to boost cryptocurrency adoption in the long term and allow individuals and businesses to buy, sell, hold, and use digital assets for transactions.
“Our partnership with Ripple has the potential to greatly impact retailers’ customer service offerings by expanding the variety of payment methods and by portraying retailers’ brands as more innovative and progressive,” Rajesh Madhaiyan – Director of Product at Lunu – commented on the deal.