FOMO Pay Secures Three New Payment Service Licenses from MAS

​Singapore-based one-stop payment solution provider FOMO Pay announced today that it has obtained three new payment service licenses from the Monetary Authority of Singapore (MAS), which will strengthen its foothold to deliver a robust range of credible payment-based solutions to its clients, including corporates, SMEs and financial institutions alike.

Effective from 1 September 2021, the new licenses will allow FOMO Pay to offer the following payment services under the Payment Services Act (PSA), contingent on regulatory guidelines under the MAS: 

1. Merchant Acquisition Service
Merchants can now leverage on FOMO Pay services to accept and process payment transactions online and offline.

2. Domestic Money Transfer Service
FOMO Pay is now able to carry out local money transfer services in Singapore for its clients. 

3. Digital Payment Token Service
FOMO Pay is now able to facilitate transactions with digital payment tokens, including but not limited to cryptocurrency and the Central Bank Digital Currency (CBDC).

So far, the company has secured four out of seven key licenses under the PSA licensing framework, apart from its prior Cross-border Money Transfer Service license.

“The addition of these new regulated activities serves as a major advancement to propel us closer towards our goal of becoming the leading and trusted payment solution provider in the region. Locally, it also reaffirms our commitment in Singapore’s pursuit towards a Smart Nation and Cashless Society through our constant innovation and development,” Louis Liu, CEO and Founder of FOMO Pay, commented.

In addition, FOMO Pay plans to continue investing on the research and development of the blockchain technology and CBDC experiment, as it looks towards implementing and contributing towards efficient payment systems for the next generation.