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Ripple partners Singapore payment firm in an effort to bring greater cross-border payment solutions

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26
Jul
  • FOMO Pay will use Ripple’s on-demand liquidity services for crypto-linked treasury management.
  • There has been a jump in demand for Ripple’s services in Asia in the last two years.

Ripple has announced via its official channels that it is now a partner with the leading Singapore payments firm, FOMO Pay. FOMO Pay will leverage Ripple’s on-demand liquidity (ODL) tech to provide instant treasury payments internationally through this partnership.

In response to the new partnership, FOMO Pay CEO and founder Louis Liu said that FOMO Pay would continue to find the best means for its clients to make payments efficiently without high service charges regardless of the currencies of payment. He also expressed his excitement at leveraging Ripple’s ODL technology to provide instant financial settlements in EUR and USD worldwide.

Part of the announcement reads, “FOMO Pay will get all-year access to liquidity for USD and EUR by leveraging ODL for treasury payments. Thus, making instant settlements possible to any part of the world.” FOMO Pay started operations seven years ago. But it’s now Singapore’s fastest-growing digital payment and banking solution provider.

FOMO is the latest company to use Ripple’s ODL service for instant settlements. Others include Pyypl, SBI Remit, Azimo, Tranglo, Novatti, iRemit, and FlashFx. Furthermore, Ripple bought a 40 percent stake in Tranglo last year march. It is worth noting that Tranglo is one of the biggest international payment firms across Asia.

Ripple keeps expanding globally

Between 2020 and now, there has been a huge rise in the demand for Ripple’s services and products in Asia. Ripple hasn’t let its legal issue with the US Security and Exchange Commission (SEC) affect the extension of its services globally. Recently, Ripple CEO, Brad Garlinghouse, remarked that Ripple’s growth on the international scene has remained rapid despite the company’s issue with the US SEC.

Apart from Ripple’s ODL technology enjoying global acceptance, its native token (XRP) is also doing likewise. Ten days ago, CryptoBar, a social media platform based in Tokyo, announced the adoption of XRP as one of the means of payment on its platform. Also, there has been a significant rise in the minting rate and listing of NFTs on the XRP ledger.

One of Ripple’s top-level executives, Brooks Entwistle, commented that more forward-looking financial institutions, especially in Asia, are looking at crypto and blockchain technologies to solve current inefficiencies in payment systems in that region. Hence, Ripple is happy to allow firms like FOMO Pay to use its ODL technology to provide innovative payment solutions for their customers.

Related: 70% of financial players consider CBDCs as the future of fiat money – Ripple survey

Hence, it is no wonder that the network’s metrics have been impressive in the last few weeks. On July 23, a Santiment feed tweet showed 208,000 active addresses on the XRP network, the highest since February 2020. Santiment also reported that massive dormant tokens were being shifted last week. That means the network’s on-chain metrics are the best among other altcoins in recent times. Per our current data, XRP trades at $0.3308 and is down 4.21 percent in the last 24 hours.

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