Singapore fintech firm Fomo Pay secures three new licenses from MAS

Fintech firm Fomo Pay said it has secured new licenses from the Monetary Authority of Singapore (MAS) to operate three new regulated activities: merchant acquisition service, domestic money transfer service, and digital payment token service.

Photo credit: Fomo Pay

The Singapore-based company said the licenses will help it provide a range of payment-based solutions that will drive value to its clients, including corporates, small and medium-sized enterprises, and financial institutions. Fomo Pay now holds four out of seven key regulated activities under the payment services act licensing framework.

The merchant acquisition service will allow vendors to leverage the Fomo Pay platform to accept and process payment transactions online and offline. Meanwhile, the domestic money transfer service will help the company carry out local money transfer services in Singapore for its clients.

The digital payment token service will facilitate Fomo Pay with transactions using digital payment tokens, including but not limited to cryptocurrency and the central bank digital currency (CBDC).

“Our company will continue to invest on the research and development of the blockchain technology and CBDC experiment, as we look towards implementing and contributing towards efficient payment systems for the next generation,” said Louis Liu, CEO and founder of Fomo Pay.

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

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In April, the company announced a partnership with buy now, pay later (BNPL) startup Atome. Under the tie-up, Fomo Pay can offer BNPL services to online and offline retail businesses in Singapore and across other markets in Asia.