Source: Fomo Pay
FOMO Pay, the Singapore-headquartered major payment institution that enables digital transformation for financial institutions and enterprises, announced today that it has been granted new licenses from the Monetary Authority of Singapore (MAS) to operate three new regulated activities — Merchant Acquisition Service, Domestic Money Transfer Service and Digital Payment Token Service.
By securing these licenses, the company now gains a strong foothold to provide a robust range of credible payment-based solutions that will drive immense value to its clients, including corporates, SMEs and financial institutions alike.
Effective from 1 September 2021, the licenses will allow FOMO Pay to render the following payment services, contingent on regulatory guidelines under the MAS:
1. Merchant Acquisition Service
Merchants can now leverage on FOMO Pay services to accept and process payment transactions online and offline.
2. Domestic Money Transfer Service
FOMO Pay is now able to carry out local money transfer services in Singapore for its clients.
3. 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).
In addition to FOMO Pay’s prior Cross-border Money Transfer Service license, the company now holds four out of seven key regulated activities under the Payment Services Act (PSA) licensing framework. This further elevates its leading position as a one-stop payment solution provider in Singapore and the region.
Commenting on the firm’s development, 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.”
Founded in 2015, FOMO Pay began as a Singapore FinTech company offering the flagship solution of helping online and offline merchants to connect to digital payment methods including e-wallets, credit cards and more. Fast forward to today, FOMO Pay is one of the largest digital payment providers, 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. Over the past year, FOMO Pay has also been involved in proactive developments and partnerships to further the innovation landscape within the digital payment’s ecosystem.
“FOMO Pay started off with a firm vision to make an impact in the region with our technology to help companies harness the ability to accept digital payments and fulfill the need to upgrade legacy payment systems. 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. 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,” Louis Liu added.