FOMO Pay to launch digital payment services for merchants in S’pore – Wired PR Lifestyle Story
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The Singapore Monetary Authority (MAS) has so far licensed four different companies to provide digital payment token services in Singapore.
The first digital payment token license was awarded to Singapore-based FOMO Pay fintech in September, followed by an Australian cryptocurrency exchange. Independent Booking and the DBS arm of the local bank DBS Vickers in October, and most recently the Singapore Cryptocurrency Provider TripleA in November.
MAS has received 170 license applications from DPT providers, including global cryptocurrencies such as Coinbase and Kraken. 30 applications were withdrawn after contact with MAS and two were rejected.
According to Louis Liu, founder and CEO FOMO Pay, securing this license was not easy at all. It took almost two years for MAS to set a very high and stringent standard for DPT service applications.
It closely examines all applications and considers a number of factors, including the applicant’s risk of money laundering and terrorist financing, and the technological risks involved in its business model, as well as the adequacy of controls to mitigate such risks.
Although the licensing process has been difficult, MAS believes it has been very “collaborative and fruitful” because they are open to discussion and act as partners or collaborators.
“Since the company’s inception, we’ve been investing heavily in our compliance to continuously improve our policies, procedures and risk management system. It has taken years of hard work to build a solid foundation, which has helped us get licensed. It is a recognition of FOMO Pay and our great team, which has made it happen, ”he added.
Making Spore the main way to pay for cryptography
Founded in 2015, FOMO Pay is a payment aggregator for merchants. He was one of the founding members of SGQR Taskforce, a government-led initiative to develop a common standard QR code for electronic payments.
Today, the company provides services to more than 10,000 merchants and financial institutions with a single digital payment service, including QR code payment, e-wallets, credit cards, and buy-now-pay-later programs.
Licensed FOMO Pay is able to carry out four of the seven main activities regulated under the licensing framework of the Payment Services Act (PSA). Previously, the company obtained a license for cross-border transfer services at MAS.
Merchants will now be able to take advantage of FOMO Pay’s services to accept and process payment transactions.
FOMO Pay will also be able to provide local money transfer services in Singapore to its customers, as well as facilitate transactions with digital payment tokens, including cryptocurrency and digital central bank currency (CBDC).
According to Louis, licensing also gives corporate customers the ability to expand their offering of digital payment token solutions products.
We want to expand digital payment services for merchants soon. It will be similar to e-wallets or credit cards. Our solution will help mitigate the risk of handling cryptography for our customers.
For example, when merchants enter the amount, FOMO Pay will convert bitcoin, CBDC (central bank digital currency) or other digital payment tokens. Customers will be scanned and paid for through digital payment tokens, and the merchant will receive an exact amount of fiat currency and will not be subject to the risk of price fluctuations.
– Louis Liu, Founder and CEO of FOMO Pay
Reasoning for this move, Louis said he saw more people using digital tokens as a form of payment.
“Our job is to ensure that when they visit and spend Singapore, our merchant customers can accept their payment method. Singapore is an international business and technology hub, and FOMO Pay aims to help develop crypto and blockchain technology, and Web 3.0 prepare for the world.
Speeding up technology will increase payment limits
At this year’s Fintech Festival in Singapore, Ravi Menon, Managing Director of MAS, noted that Singapore could be one of the main players in Singapore when the crypto economy kicks off.
Singapore’s opening up to digital payment tokens with clear rules and regulations, including cryptocurrencies, is attracting more crypto players to set up offices in Singapore and apply for a license.
In addition, Singapore is now building its technology infrastructure and technical capabilities Issued “Singapore Digital Dollar” in the future.
FOMO Pay is actively involved in helping build and promote an efficient and inclusive payment ecosystem in this area. Our goal is to be at the forefront of the next generation of payments.
Each business model is a balance of three types of flows: data flows, cash flows, and goods flows. The evolution of communication technology made data flow much more efficient, and now the other two need to get it done.
– Louis Liu, Founder and CEO of FOMO Pay
He added that we have started planning for the 5G wave and 6G, which will only boost the payments industry.
“From a payment perspective, it will put more money into the Internet of Things (IoT), smart contracts and blockchain technology. FOMO Pay sees this trend as an opportunity and is investing in R&D in the 5G and 6G worlds.”
Louis also commented that everything they work on next will be based on customer demand, the evolution of the payment industry, regulatory guidelines, and other important factors.
Featured Image Credit: FOMO Pay / Generation T
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