FOMO Pay, a Singapore-regulated digital payment and banking solutions provider, has announced a strategic partnership with Notabene, a global crypto-industry decision-making platform, to boost its digital asset compliance.
In a statement, FOMO Pay said the collaboration will enhance FOMO Pay’s know-your-transaction (KYT) capabilities and streamline access to accurate and verified business information.
It also underscores FOMO Pay’s dedication to compliance, customer security, and fostering trust in the digital payment and asset sectors.
“This collaboration represents FOMO Pay’s commitment to strengthening our compliance capabilities in alignment with global regulations, enabling informed decisions to enhance our AML capabilities,” said Wee Teck Lim, Head of Compliance at FOMO Pay.
FOMO Pay has achieved “Super VASP” status in Notabene’s virtual asset service providers (VASP) network by comprehensive licensing and adherence to regulatory requirements.
This achievement aligns with the Financial Action Task Force (FATF) recommendations to combat money laundering, terrorist, and proliferation financing.
As the global regulatory landscape has evolved, governments and financial institutions worldwide have taken significant steps to enhance transaction integrity and overall financial ecosystem security.
FOMO Pay adopts a proactive approach in investing in leading compliance solutions to ensure strict adherence to global regulations.
Pelle Braendgaard, Notabene CEO, highlighted the collaboration’s significance in facilitating secure and efficient digital asset transactions, aligning with both companies’ missions.
“This collaboration demonstrates the significant impact of travel rule implementation in facilitating secure and efficient digital asset transactions to build a safer and more accessible digital asset ecosystem,” he said.
FOMO Pay is a licensed payment institution by the Monetary Authority of Singapore (MAS) and offers three flagship products: FOMO Payment, FOMO iBank, and FOMO Crypto. It is currently building Asia’s first licensed gateway to connect fiat and digital currency.
Notabene, headquartered in New York with a presence in several countries, developed the crypto industry’s only pre-transaction decision-making platform. It enables real-time decision-making, counterparty sanctions screening, self-hosted wallet identification, and more.
