September 1, 2021
The Monetary Authority of Singapore (MAS) has granted new licenses for Singapore-based payments company, FOMO Pay, three new regulated activities, including a crypto payment license, under its payment act, according to a company announcement.
The three regulated activities are Merchant Acquisition Service, Domestic Money Transfer Service and Digital Payment Token Service.
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.
“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,” said Louis Liu, CEO and Founder of FOMO Pay. “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.”
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.
FOMO Pay is one of the largest digital payment providers, servicing over 10,000 merchants across a 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.