- Singapore-based fintech company, FOMO Pay, announced that it recently gained new licences from the Monetary Authority of Singapore (MAS).
- FOMO Pay mentioned in a press release that MAS granted three licenses to the company, effective immediately.
Fomo Pay secures MAS licences to operate 3 more regulated activitieshttps://t.co/lnMzQ9MmEX
— The Straits Times (@straits_times) September 1, 2021
To note, FOMO Pay is among the first holders of Major Payment Institution in Singapore. More so, with the three added licences, it can help FOMO Pay to provide advanced services to merchants, banks, and other companies.
The press release declared three licences which are:
Secondly, Merchant Acquisition Service. This allows retailers to use FOMO Pay in both online and offline payment transactions. Moreover, through this, merchants can now expect smoother and more reliable payment methods.
Third, the Digital Payment Token Service. This licence makes FOMO Pay qualified to facilitate transactions in digital payment tokens like cryptocurrencies and the CBDC—Singapore’s future central bank digital currency.
Louis Liu, the CEO of FOMO Pay mentioned in the press release,
It is of great significance to us to be able to obtain these new licenses. As we are granted greater authority under the framework of relevant policies and regulations, we can provide our current and future customers with more comprehensive and safer payment solutions, and further consolidate our leading position in the industry.
These licences, as mentioned in the press release, are to take effect immediately. Furthermore, FOMO Pay stressed that they will “make greater efforts to improve and reduce circulation costs.” Additionally, they will continue to contribute to making Singapore a smart country and a cashless society.
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