Ripple Enters Partnership with Singaporean FOMO Pay

Blockchain payments startup Ripple Labs Inc and Singaporean payment giant FOMO Pay have entered a partnership. The crypto solutions provider announced the collaboration in a blog post.

With the new agreement, FOMO Pay will leverage Ripple’s technology to improve its cross-border payments. Using Ripples On-demand Liquidity (ODL) service, FOMO pay can now facilitate payments in a quick and cost-efficient manner. The agreement will therefore improve FOMO Pay’s liquidity as it saves costs on processing payments.

According to Louis Liu, CEO of FOMO pay, the partnership will allow the Singaporean payment giant to achieve affordable and instant settlement in Euros and US dollars globally.

Before now, FOMO Pay operated a model where payment in Euros and USD reaches the recipient’s account after 1 or 2 days. By using ODL for treasury payments, FOMO pay can now complete settlement globally on the same day.

Using ODL for treasury payments allows payment service providers like FOMO Pay to readily access liquidity for Euros and USD. This helps to improve operations and save costs while also improving internal business cash flows.

Ripple continues to grow despite a legal battle with SEC

The ongoing legal battle between Ripple and the US SEC has not deterred the firm’s growth and global adoption.

Several firms around the world facilitate treasury payments using the blockchain firm’s ODL service. The list includes Tranglo, FlashFX, and Pyypl amongst others who have deployed the service for instant payment settlement.

Following its acceptance and adoption, minting and listing of Non-fungible tokens (NFTs) on the XRP Ledger have also increased significantly recently. Likewise, CryptoBar, a Tokyo-based cryptocurrency social media platform has adopted Ripple’s XRP as a payment option.

Recall that the blockchain firm recently added two lawyers to its legal team as it prepares for an extended legal battle with the regulators. Ripple is asking the SEC to clearly spell out the regulations governing the nascent industry. 

Should the US court not rule in its favor, Ripple can continue its business outside the US considering its acceptance globally. The firm may shift its base from the US should the much-anticipated judgment favor the SEC.