FOMO Pay will launch digital payment services for S’pore merchants – Health Guild News

A VPN is an essential component of IT security, whether you’re just starting a business or are already up and running. Most business interactions and transactions happen online and VPN


To date, the Singapore Monetary Authority (MAS) has issued licenses to four different companies, which allow them to offer digital payment witness services in Singapore.

The first digital payment witness license was granted to Singapore-based fintech company FOMO Pay in September, followed by Australian cryptocurrency exchange Independent reservation and the local bank DBS brokerage arm DBS Vickers in October, and most recently, a Singapore-based cryptocurrency payment provider TripleA in November.

MAS has received 170 license applications from DPT vendors, including global cryptographic exchanges such as Coinbase and Kraken. 30 applications have been withdrawn following the commitment with MAS and two have been rejected.

According to Louis Liu, founder and CEO of FOMO payment, securing this license was not easy. It took almost two years for MAS to set a very high and strict standard for DPT service applications.

Carefully review all applications and consider a number of factors, such as the applicant’s understanding of the risks associated with money laundering and terrorist financing and the technological risks involved in its business model, as well as its adequacy. of the controls established to mitigate these risks, among others.

While the licensing process was a challenge, he also considered MAS to be very “collaborative and productive,” as they are open to discussion and act as a partner or collaborator.

“Since the founding of the company, we have been investing heavily to continuously improve our compliance, policies, procedures and risk management system. These are years of hard work to build a solid foundation, which helped us get the license. It is a recognition for FOMO Pay and our excellent team, which made it possible “, he added.

Make cryptography a major form of payment in S’pore

Image Credit: FOMO Pay

Founded in 2015, FOMO Pay is a payment aggregation gateway for merchants. He was one of the founding members of the SGQR Taskforce, a government-led initiative to develop a common QR code standard for electronic payments.

The company currently serves more than 10,000 merchants and financial institutions with unique digital payment services, which include QR code payment, e-wallets, credit cards and purchase programs now and later payment.

With the license,FOMO Pay may conduct four of the seven key activities regulated under the Payment Services Act (PSA) licensing framework. Previously, the company obtained a MAS cross-border transfer services license.

Merchants will now be able to take advantage of FOMO Pay services to accept and process payment transactions.

FOMO Pay will also be able to conduct local money transfer services in Singapore for its customers, as well as facilitate digital payment card transactions, including cryptocurrencies and the central bank’s digital currency (CBDC).

According to Louis, the license also gives them the ability to expand their digital payment card solution product offering to corporate customers.

We plan to roll out digital payment services for merchants soon. It will be similar to e-wallets or credit cards. Our solution will help mitigate the risks of handling cryptography for our customers.

For example, when merchants enter the amount, FOMO Pay will convert it into the amount of bitcoin, CBDC (central bank digital currency) or other digital payment tokens. Customers will scan and pay in digital payment slips, and the merchant will receive the exact amount of fiat currency and will not be exposed to any risk of price fluctuation.

– Louis Liu, founder and CEO of FOMO Pay

In reasoning this move, Louis said he noted that more people are starting to use digital tokens as a form of payment.

“Our job is to make sure that when they visit Singapore and spend, our business customers will be able to accept their payment method. Singapore is an international business and technology hub, and FOMO Pay wants to contribute to the development of cryptographic and blockchain technology. , and prepare for the Web 3.0 world “.

Technological acceleration will further increase payment limits

At this year’s Singapore Fintech Festival, Ravi Menon, the managing director of MAS, noted that Singapore could become a major player when the crypto economy comes out.

Singapore’s openness along with its clear rules and regulations towards digital payment slips, including cryptocurrencies, are attracting more cryptocurrency players to come to Singapore to set up offices and apply for the license.

In addition, Singapore is building a technological infrastructure and technical skills to issue a “Singapore digital dollar” in the future.

FOMO Pay is actively involved in this area to help build and foster an efficient and inclusive payment ecosystem. Our goal is to always be at the forefront of next-generation payments.

Each business model is a balance of three types of flows: data flows, cash flows, and commodity flows. The evolution of communications technology has made data flow much more efficient, and now the other two need to catch up.

– Louis Liu, founder and CEO of FOMO Pay

He added that we have started the 5G wave and 6G planning, which will only boost the payments industry.

“From a payments perspective, it will spend more money on the Internet of Things (IoT), smart contract and blockchain technology. FOMO Pay takes this trend as an opportunity and is investing in R&D in these areas. for the 5G and 6G world “.

Louis further commented that everything they work on below will be based on the demand of their customers, the evolution of the payments industry, the guidelines of the regulators and other relevant factors.

Featured Image Credit: FOMO Pay / Generation T.





Source link

TheHealthReporter

TheHealthReporter

Recent Posts

Enhance your Cisco HIMSS24 experience
The Cisco Customer Experience Healthcare Practice helps customers leverage the use of Cisco technology...
Read More
HIMSS 2024 Find out before you go
The future of healthcare is coming into focus! Now more than ever, we believe that technology is a critical...
Read More
How GLP-1 Drug Success Is Transforming Healthcare Revenue: Is Your Organization Ready?
The huge revenue opportunity arising from the recent success of GLP-1 drugs is not just for pharmaceutical...
Read More

Related Posts