FOMO Pay obtains three more licenses from Singapore regulator

Rick Steves

The firm was founded in 2015 and is now servicing over 10,000 merchants across a wide range of industries including retail, telecom, tourism and hospitality, food and beverage (F&B), education and e-commerce.

FOMO Pay has been granted new licenses from the Monetary Authority of Singapore (MAS) to operate as a Merchant Acquisition Service, a Domestic Money Transfer Service, and a Digital Payment Token Service.

The Singapore-headquartered payment services provider will be able to cater its range of payment-based solutions to corporates, SMEs and financial institutions.

The new MAS licenses will allow merchants to leverage FOMO Pay to accept and process payment transactions online and offline. The firm will be able to carry out local money transfer services in Singapore for its clients and facilitate transactions with digital payment tokens, including cryptocurrency and tbe CBDC.

FOMO Pay already had a license for a Cross-border Money Transfer Service under the Payment Services Act (PSA) licensing framework.

Louis Liu, CEO and Founder of FOMO Pay, said: “We are excited to secure these licenses to scale our payment solutions for our existing and potential clients. We are proud to be recognised as a leading FinTech company in Singapore and I am proud of our team’s relentless efforts to establish the compliance framework, policies, procedures and risk management systems which have made this happen. We will continue to work closely with regulators and partners to ensure and facilitate safe practices for our client’s payment needs.”

The firm was founded in 2015 and is now servicing over 10,000 merchants across a wide range of industries including retail, telecom, tourism and hospitality, food and beverage (F&B), education and e-commerce.

“The addition of these new regulated activities serves as a major advancement to propel us closer towards our goal of becoming the leading and trusted payment solution provider in the region. Locally, it also reaffirms our commitment in Singapore’s pursuit towards a Smart Nation and Cashless Society through our constant innovation and development”, Louis Liu continued.

“In addition, our company will continue to invest on the research and development of the blockchain technology and CBDC experiment, as we look towards implementing and contributing towards efficient payment systems for the next generation.”

FOMO Pay has quite a catchy name. FOMO aka “fear of missing out” has become a popular meme for the cryptocurrency community as the prices of Bitcoin et al. keep soaring since emerging in 2009.

Cryptocurrency has garnered much popularity in the Asia Pacific for a number of use cases, including cross-border payments and remittances.

Read this next

Web3

US arrests Yune Wang for role in 911 S5 botnet scam

A global malware network, linked to the theft of $5.9 billion in Covid relief funds and crypto crimes, has been dismantled, the Department of Justice (DOJ) announced today. The network was also involved in child exploitation, bomb threats, and various cyberattacks.

Digital Assets

US Treasury official clarifies stance on crypto mixing services

The Financial Crimes Enforcement Network (FinCEN) proposed a rule last year to classify convertible crypto mixing as a “class of transactions” with primary money laundering concerns.

Fintech

Robinhood sweetens US crypto offering with trading API

Robinhood has launched a cryptocurrency trading application programming interface (API) for users in the United States. The new API caters to seasoned crypto traders by enabling automated trading strategies, allowing users to react quickly to market movements and trends.

blockdag

After Retik Finance’s 67% Drop, Investors Turn to BlockDAG’s 30,000x ROI Potential to Recover Their Losses

Explore how BlockDAG’s $37M presale is drawing investors while Retik Finance collapses to $0.403.

Digital Assets

Terraform Labs and co-founder Do Kwon reach settlement with SEC

Terraform Labs and its co-founder Do Kwon have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Thursday.

Market News, Tech and Fundamental, Technical Analysis

FTSE 100 Index Technical Analysis Report 30 May, 2024

FTSE 100 Index can be expected to rise further toward the next resistance level 8325.00, which reversed the price earlier this month.

Chainwire

Sui and Atoma Bring the Power of AI to dApp Builders

The integration of Atoma adds new capabilities to Sui’s flourishing developer ecosystem with unique AI-querying capabilities.

Digital Assets

Talos incorporates DeFi with Skolem acquisition

Talos has acquired Skolem to enable clients to incorporate DeFi into their workflows in a move that sets a new standard for the digital asset OEMS and PMS.

<