With the approval by MAS, it brings FOMO Pay closer to being a one-stop payment solution provider in Singapore and the region.
Payment solutions provider FOMO Pay has been approved by the Monetary Authority of Singapore (MAS) to conduct three new monetary services regulated under the Payments Services Act (PSA).
From 1 September 2020, FOMO Pay will be able to facilitate cryptocurrency and Central Bank Digital Currency (CBDC) transactions under the Digital Payment Token (DPT) Service license, while also being approved to conduct local cash transfer and merchant payment processes under the Merchant Acquisition Service and Domestic Money Transfer Service licenses.
Founded in 2015 and registered as a Major Payment Institution under the MAS, FOMO Pay aims to be a one-stop digital payment solution for merchants and financial corporations with e-wallets and credit cards, and they currently service over 10,000 merchants in different industries and countries. By adding the three granted licenses to their existing Cross-Border Transfer Service, the company is now approved to operate four of the seven listed payment solutions under the PSA.
“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.” Said CEO and Founder of FOMO Pay, Louis Liu.
Adding on to his statement, Louis also reaffirmed that FOMO Pay is committed to being a part of Singapore’s Smart Nation directive with a cashless society. Through continued development and innovation, he hopes to achieve their vision of making an impact in the region through technology.