The Singapore fintech will be growing its services to corporates, SMEs and financial institutions with three new licenses from the Monetary Authority of Singapore (MAS).
Fomo Pay has received licenses to operate three regulated activities — Merchant Acquisition Services, Domestic Money Transfer Services and Digital Payment Token Services, the company announced on Wednesday.
In addition to its prior Cross-border Money Transfer Service license, the company now holds four out of seven key regulated activities under the the MAS Payment Services Act (PSA) licensing framework.
«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,» Louis Liu, founder and CEO, said in the announcement.
Growing Ecosystem
Launched in 2015, Fomo services over 10,000 merchants across a wide range of industries. Over the past year, the company has also been involved in partnerships to further the innovation landscape within the digital payment’s ecosystem.
Last year, Fomo Pay made its first overseas foray into Malaysia, partnering OCBC Bank (Malaysia) to develop the country's first merchant cross-border QR code collection service.
