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One of the top payment companies in Singapore, FOMO Pay, and blockchain startup Ripple have joined forces. By utilizing Ripple's On-Demand Liquidity (ODL) technology and getting continuous access to liquidity for the euro and the dollar, the agreement will enable FOMO Pay to enhance its treasury payments. Before working with Ripple, the business had to rely on antiquated payment systems that could take several days for funds to reach their destinations. FOMO Pay CEO Louis Liu claims that the company would now be able to carry out inexpensive and practically immediate payments. According to Brooks Entwistle, SVP and Managing Director at Ripple, there are numerous chances to address problems with ineffective payment channels in Asia-Pacific. https://twitter.com/Ripple/status/1551750612404301825
Ripple Received License in Singapore by MAS
To serve businesses and merchants throughout the e-commerce, telecom, retail, and tourism industries, FOMO Pay was established in 2015. The Monetary Authority of Singapore (MAS) granted the company additional licenses last year to increase the scope of its regulated activities. The option to process payments using digital tokens, such as digital currencies from central banks, has been added to FOMO Pay. In 2021, the ODL payment option overgrew, making up one-fourth of all transactions on the RippleNet network. Despite legal issues in the United States, Ripple continues to add partners worldwide. The ODL product is currently on track to gain worldwide distribution. Novatti, iRemit, FlashFX, and other partners of Ripple who employ the payment solution are on the list.