FOMO Pay Receives Regulatory Approval from Financial Authority of Singapore

FOMO Pay, Fintech based mostly in Singapore, has been accepted by the Financial Authority of Singapore (MAS) to function three new regulated actions — Service provider Acquisition Service, Home Cash Switch Service, and Digital Cost Token Service.

FOMO Pay describes itself as a one-stop digital fee resolution for retailers and monetary establishments to simply accept a complete suite of fee strategies in rising markets throughout Southeast Asia, Africa and the Center East. FOMO Pay’s companions embody NETS, Mastercard, Seize Pay, SingTel Sprint, WeChat Pay, Shopee Pay, and extra.

Starting at present (September 1, 2021), the licenses will enable FOMO Pay to render the next fee providers:

• Service provider Acquisition Service
  Retailers can now leverage FOMO Pay providers to simply accept and course of fee transactions on-line and offline.
• Home Cash Switch Service
  FOMO Pay is now in a position to perform native cash switch providers in Singapore for its shoppers.
• Digital Cost Token Service
  FOMO Pay is now in a position to facilitate transactions with digital fee tokens, together with however not restricted to cryptocurrency and the Central Financial institution Digital Forex (CBDC).

The corporate had beforehand been accepted with a Cross-border Cash Switch Service license. At this time, FOMO Pay now holds 4 out of seven key regulated actions beneath the Cost Providers Act (PSA) licensing framework.

Louis Liu, CEO and founding father of FOMO Pay, commented:

“We’re excited to safe these licenses to scale our fee options for our current and potential shoppers. We’re proud to be recognised as a number one FinTech firm in Singapore and I’m pleased with our group’s relentless efforts to ascertain the compliance framework, insurance policies, procedures and danger administration methods which have made this occur. We’ll proceed to work intently with regulators and companions to make sure and facilitate protected practices for our shopper’s fee wants.”

Liu added that they proceed to put money into the analysis and improvement of blockchain know-how and a CBDC “experiment.”