Ripple Teams up With FOMO Pay to Boost Its Cross-Border Treasury Settlements

Ripple Teams up With FOMO Pay to Boost Its Cross-Border Treasury Settlements

It seems as though the still ongoing lawsuit hasn't fazed the company a bit.

Ripple, an American-based blockchain company, has recently announced that it would be joining forces with a Singaporean financial technology firm FOMO Pay to improve the latter’s cross-border treasury flows.

According to the official announcement issued on July 26th, as part of the deal, FOMO Pay, which currently has more than 10k customers, will leverage Ripple’s crypto-enabled technology dubbed on-demand liquidity (ODL) to reduce transaction costs.

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Louis Liu, CEO of FOMO Pay, commented on the partnership and noted that the company will enable 24/7, all-year-round access to “affordable and instant settlements in EUR and USD globally,” adding:

"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."

Ripple's ODL service has received a significant amount of attention in the payment sector and has had a lot of success in Asia, a region where the price of cross-border transactions is considered one of the biggest.

In fact, FOMO Pay isn’t the only crypto-driven organization to acknowledge the benefits of ODL. For instance, earlier this year, financial startup Tranglo announced that it would be also integrating Ripple’s ODL service to allow its users to make cross-border transactions.

The list also includes other major companies such as iRemit, SBI Remit, Azimo, Novatti, FlashFX, and Pyypl which have integrated ODL into their strategy.

On another note, back in December 2021, Ripple’s execs Christian Larsen and Brad Garlinghouse were sued by the Securities and Exchange Commission (SEC) and accused of selling Ripple’s native tokens XRP as securities without proper permission. Nonetheless, the company believes that it will eventually come out on top.

In June, Ripple also teamed up with Lunu, a Berlin-based crypto payment provider, to enable European luxury brands, including Farftech, Off-White, and Steven Stone, to accept digital assets as a legal payment method for their products and services.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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