Photo credit: Fomo Pay
Fomo Pay, a Singapore-based digital payment and banking solution provider, is expanding to Hong Kong with a Money Service Operator license.
The license allows Fomo Pay to run payment and remittance services in the Greater Bay Area and support cross border transactions in the city.
Established in 2015, Fomo Pay has licenses from the Monetary Authority of Singapore (MAS) to conduct four types of payment services, including domestic and cross-border money transfers and merchant acquisition.
Fomo Pay is also the first firm in Singapore to obtain MAS approval for its digital payment token services.
“As we look ahead, our goals remain unchanged, which is to establish a fully integrated financial ecosystem and deliver exceptional solutions to our clients that catalyze business growth,” said Allen Vincent, CFO of Fomo Pay.
The company last raised capital in August 2022, securing US$13 million in a series A round led by Jump Crypto, the digital assets arm of Jump Trading Group.
See also: Are Grab’s and GoTo’s fintech strategies diverging?
Editing by Jaclyn Tiu
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