Ripple Teams Up With Singaporean Fintech Giant To Improve Cross-Border Payments

The blockchain company – Ripple – has teamed up with Singaporean fintech firm FOMO Pay, aiming to increase its cross-border financial flows.

Ripple’s latest partnership

As a digital payment system for money transactions, one of Ripple’s goals is to leverage crypto and offer cross-border settlement. Its On-Demand Liquidity (ODL) is intended to enable fast and cost-effective payments, and several companies worldwide are facilitating transactions via this feature.

Under the latest agreement, FOMO Pay will use this technology to achieve affordable and fast cross-border payments in two of the leading fiat currencies: the dollar (USD) and the euro (EUR). Louis Liu – Founder and CEO of the Singaporean organization provided more details:

“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our customers with more efficient and cost-effective payment methods in various currencies. We are pleased to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us achieve affordable and immediate settlements in EUR and USD globally.

For his part, Brooks Entwistle – SVP and CEO of Ripple – outlined the Asia Pacific as a region with many opportunities. It’s an area closely related 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 unit 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.

The previous collaboration

Last month, Ripple teamed up with Berlin-based cryptocurrency payment provider Lunu to enable luxury retailers to accept cryptocurrencies as a payment method. Some of Lunu’s high-profile clients are the British fashion brands Farfetch and Steven Stone, the Italian Off-White and more. These companies embraced digital asset payments both in-store and on their online platforms after the partnership.

The move was made possible thanks to Ripple’s Liquidity Hub. The main goal is to increase the use of cryptocurrency in the long term and allow individuals and businesses to buy, sell, hold and use digital assets for transactions.

“Our partnership with Ripple has the potential to greatly impact merchants’ customer service offerings by expanding the range of payment methods and by portraying merchants’ brands as more innovative and progressive,” commented Rajesh Madhaiyan, Director of Product at Lunu on the deal.