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Ripple Announces Partnership With FOMO Pay

26 July 2022 13:57, UTC
Anna Martynova

Ripple has announced a partnership with Singapore-based payment giant FOMO Pay. The partnership plans to provide instant cross-border treasury payments using on-demand liquidity (ODL). Louis Liu, founder and CEO of FOMO Pay, spoke about the partnership:

“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide 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 settlement in EUR and USD globally.”

The partnership will allow FOMO Pay to carry out instant cross-border treasury payments at a significantly lower cost, which will increase the company's liquidity. By using ODL for treasury payments, FOMO Pay can have 24/7, year-round access to EUR and USD liquidity, enabling same-day settlement worldwide.

FOMO joins companies such as Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit and Pyypl who have implemented ODL using XRP as a bridge for instant settlements. Ripple continues to make great strides around the world, despite legal issues in the US. Ripple CEO Brad GARLINGHOUSE noted that Ripple is still growing rapidly as the world continues to accept it, despite the verdict of the US Securities and Exchange Commission, whose powers are limited to the US.

Image: Coincu News