According to a statement made on Monday, the blockchain corporation Ripple has partnered with one of Singapore’s biggest payment institutions, FOMO Pay.
FOMO Pay will be able to enhance its treasury payments by utilising Ripple’s On-Demand Liquidity (ODL) technology and getting continual access to liquidity for the euro and the U.S. dollar as a result of this partnership.
Before working with Ripple, the business had to rely on inefficient payment methods where money may take several days to reach their target accounts. According to Louis Liu, chief executive officer of FOMO Pay, the firm will now be able to undertake inexpensive and practically rapid settlements.
The Asia-Pacific area, according to Ripple’s SVP and Managing Director, Brooks Entwistle, is ripe with the opportunity to tackle problems associated with inefficient payment processes.
FOMO Pay was established in 2015 as an aggregator of payments for businesses and merchants in the e-commerce, telecom, retail, and tourist sectors.
To broaden its range of regulated operations, the firm obtained new licences from the Monetary Authority of Singapore (MAS) in the previous year. FOMO Pay can now allow transactions using digital payment tokens, including digital currencies issued by central banks (CBDCs).
According to U.Today, the ODL payment solution achieved significant growth in 2021, accounting for a quarter of all RippleNet network transactions. Despite its legal issues in the United States, Ripple continues to recruit partners worldwide. The ODL product is currently on track for worldwide coverage. Among the partners of Ripple who use the payment service are Novatti, iRemit, and FlashFX.