Fomo Pay to integrate USDC stablecoin into its services

Singapore-based payments firm Fomo Pay has partnered with global fintech company Circle Internet Financial, which is the sole issuer of the USDC – a stablecoin pegged to the US dollar.

The deal will allow Fomo Pay to integrate USDC into its services, which will enable its merchant, corporate, and financial institution clients to convert between USDC and fiat currency.

Photo credit: Fomo Pay

Founded in 2015, Fomo Pay provides a one-stop solution for merchants in Singapore and Malaysia by facilitating a variety of payment methods, including through WeChat Pay, Baidu Wallet, GrabPay, and Visa QR.

“With our newly-acquired DPT (digital payment token) license, this collaboration fits Fomo Pay’s plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions,” said Fomo Pay CEO Louis Liu.

In September 2021, the startup secured new licenses from the Monetary Authority of Singapore to operate three new regulated activities: merchant acquisition service, domestic money transfer service, and digital payment token service.

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The partnership comes amid a rush among fintech firms in Singapore to ramp up their suite of financial services. Recently, fintech firm Digital Treasures Center got the Monetary Authority of Singapore’s nod to provide cryptocurrency services in the city-state.

Crypto platform Hodlnaut also received approval from the central bank for a major payment institution license, which will help the company provide payment services beyond certain thresholds.