FOMO Pay, Fintech based in Singapore, has been approved by the Monetary Authority of Singapore (MAS) to operate three new regulated activities — Merchant Acquisition Service, Domestic Money Transfer Service, and Digital Payment Token Service.
FOMO Pay describes itself as a one-stop digital payment solution for merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Southeast Asia, Africa and the Middle East. FOMO Pay’s partners include NETS, Mastercard, Grab Pay, SingTel Dash, WeChat Pay, Shopee Pay, and more.
Beginning today (September 1, 2021), the licenses will allow FOMO Pay to render the following payment services:
- Merchant Acquisition Service
Merchants can now leverage FOMO Pay services to accept and process payment transactions online and offline. - Domestic Money Transfer Service
FOMO Pay is now able to carry out local money transfer services in Singapore for its clients. - Digital Payment Token Service
FOMO Pay is now able to facilitate transactions with digital payment tokens, including but not limited to cryptocurrency and the Central Bank Digital Currency (CBDC).
The company had previously been approved with a Cross-border Money Transfer Service license. Today, FOMO Pay now holds four out of seven key regulated activities under the Payment Services Act (PSA) licensing framework.
Louis Liu, CEO and founder of FOMO Pay, commented:
“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.”
Liu added that they continue to invest in the research and development of blockchain technology and a CBDC “experiment.”