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.

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