Following the agreement with Ripple, FOMO Pay will aim to provide instant cross-border payments in USD and EUR.
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 is meant to enable quick and cost-efficient payments, and several companies across the globe facilitate transactions via this feature.
“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.
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