Fomo Pay’s profit drops, but Web3 rises

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In focus

• Fomo Pay’s play for Web3 and beyond
• Hurdles persist amid Philippine lending boom
• US-listed Pony.ai and WeRide join Hong Kong IPO bandwagon

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Hello reader,

It seems there’s buzz around crypto again after Bitcoin’s value went up. The token reached a new all-time peak earlier this month, and trading activity also reached its highest-ever level in the third quarter of 2025.

Web3 has also been picking up in other, less flashy areas. Strong government backing and clearer regulations have made support for things like stablecoins more commonplace.

Armed with a digital payment token license from the Monetary Authority of Singapore, Fomo Global – the parent firm of Fomo Pay – may be primed to capitalize on crypto’s comeback.

In 2021, Fomo Pay founder and CEO Louis Liu even said that while crypto wasn’t mainstream, merchants would eventually open up to accepting tokens like bitcoin and ether as payments.

It acquired its license in 2021 and has been expanding its Web3 services since. Just this year, Fomo Pay began accepting Ripple USD as a mode of payment.

But being a pioneer isn’t easy, as in today’s featured story on Fomo Pay’s 2024 financial performance shows. Forrester senior analyst Meng Liu notes that the rise of crypto payments comes with increased market competition.

For instance, Fomo Pay is now up against industry giants like Stripe, Mastercard, and Visa that have also embraced Web3.

While Liu pointed out Fomo Pay’s regional advantages, its success will depend on whether crypto can maintain its resurgence amid the hype.

Miguel Cordon, journalist

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The Big Story

Fomo Pay’s parent sees profit dip in 2024 as expenses double

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