Ripple, a firm focused on cross-border payment services, has announced a team-up with Fomo Pay, a Singapore-based payments platform. Banking on the collaboration between both entities, Fomo Pay will be able to leverage its crypto services to boost its payments across the globe. Notably, the company uses its native token, XRP, to carry out payments for users across the globe. This is bolstered by the massive number of individuals and entities using the platform.
Ripple is making moves across Asia
This is not the first time the crypto company will be teaming up with another entity to help facilitate payment, as it previously locked down a partnership with Pyypl. In the partnership, Pyypl will tap Ripple’s services to provide payments solution in the Middle East. Since it burst into the limelight, Fomo Pay has been one of Singapore’s most sought-after payment service providers.
Although the company is relatively new, judging by its emergence in 2005, it has been able to help users facilitate tons of payments within the country. Going by this partnership, Fomo Pay will now be able to provide its user the opportunity to make transactions across the world in the dollar and euro.
Fomo Pay boss hints at cheap and affordable services
Fomo Pay boss Louis Lou reviewed the firm’s services, among other things related to the partnership with Ripple. The Fomo Pay boss also mentioned that the company wants to tap Ripple’s cheap and affordable services. Ripple has seen a massive uptick in need for its services across Asia over the last few years. Last year, Ripple bought a massive stake in a blockchain company in Asia. In his reaction to the partnership, Brook Entwistle said that he believes that financial institutions would be open to adopting the new methods of making accessible financial services. Asides from that, he feels the company’s platform would ensure that they make easy, cheap, and fast services across the country.
According to Entwistle, using crypto has been one of the most effective ways to carry out easy transactions, which they are bringing to the table soon. In the coming day, Ripple will officially kickstart its operations in the country as it looks to win over most users. However, a clog in the wheel might just be the company’s protracted lawsuit with the US SEC, which should not affect its performance in Singapore. If the court finds Ripple guilty, that might change in the coming future.