Ripple ODL Partner Secures MSO License in Hong Kong for Global Remittances

FOMO Pay, a Singapore-based payment company that taps Ripple’s on-demand liquidity (ODL), has acquired a license to expand into Hong Kong.

Ripple partner FOMO Pay has reached a new milestone. On Tuesday, the Singapore-based company announced that it has secured the coveted Money Service Operator (MSO) license from the Hong Kong Customs and Excise Department. 

#Ripple and #ODL user FOMO Pay has obtained a MSO license in Hong Kong planning to “launch payment & remittance services to meet the global payment and collection needs of corporate customers” there. FOMO has made a number of moves this year. https://t.co/bqpHM3Uvl3 #XRP pic.twitter.com/DioHmvxbEQ

— WrathofKahneman (@WKahneman) November 7, 2023

FOMO Pay will leverage the new license to expand its remittance offerings to corporate clients in Hong Kong, where the company has already opened an office. The firm already boasts 5000 corporate clients using its payment solutions, branding itself as the leading Asian digital payments service provider.

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The Hong Kong license adds to FOMO Pay’s growing catalog of regulatory approvals. The company already holds a financial services license from the Monetary Authority of Singapore (MAS), alongside three other regulatory licenses related to domestic and international remittances.

Meanwhile, Hong Kong also represents FOMO Pay’s first major international expansion. The move comes within three months after the company raised $13 million in a funding round led by major crypto venture capital fund Jump Crypto. FOMO Pay, as earlier noted, also has other deep ties with the crypto ecosystem through its partnership with Ripple.

FOMO Pay Taps Ripple’s On-demand Liquidity (ODL)

In July 2022, Ripple entered into a new partnership with FOMO Pay to enable access to its flagship on-demand liquidity (ODL) product. Under the partnership, FOMO Pay would tap into ODL to settle EUR and USD payments for its treasury.

Before the deal, FOMO Pay leveraged the traditional financial system, which involved a two-day wait period before the final settlement. In stark contrast, an ODL integration makes such cross-border treasury settlements instant and significantly cheaper for FOMO Pay.

It is unclear at this stage whether FOMO Pay will also tap into Ripple’s ODL for its Hong Kong expansion. However, an existing partnership suggests that barring any significant changes, such a possibility is most likely and would introduce XRP and Ripple to a newer audience of corporate clients.