Singapore-based payment firm Fomo Pay is joining the DBS Digital Exchange (DDEx) by DBS Bank to let merchants accept payments in cryptocurrency from consumers “in a safe and risk-free manner.”
Photo credit: Fomo Pay
“Ultimately, this will lead to greater assurance and adoption of crypto as a form of payment method that will fit into Singapore’s vision to be a global crypto hub,” said Louis Liu, founder and CEO of Fomo Pay.
In September, the fintech firm was granted three licenses by the Monetary Authority of Singapore for its merchant acquisition, domestic money transfer, and digital payment token services.
Fomo Pay was founded in 2015 by Liu, who previously worked for Visa’s Asia-Pacific division, and Zack Yang, a venture partner at Teja Ventures.
Meanwhile, DDEx earlier said that it holds S$600 million (US$438 million) worth of digital assets with at least 500 participants onboarded on its platform.
In April, DBS teamed up with JPMorgan Chase and Temasek to form Partior, a crypto payment platform project.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.37
Editing by Collin Furtado and Lorenzo Kyle Subido
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