Fomo Pay joins DBS Digital Exchange to offer crypto services

FOMO Pay started by connecting online and offline merchants to digital payment methods such as e-wallets and credit cards. PHOTO: FOMO PAY

SINGAPORE (THE BUSINESS TIMES)- Singapore fintech company Fomo Pay on Tuesday (Dec 14) announced that it has joined the DBS Digital Exchange (DDEx) as a member.

As one of the first Digital Payment Token (DPT) licensees to join the digital exchange, Fomo Pay will collaborate with DDEx to enable Singapore-based merchants to accept cryptocurrency payments from consumers, it said in a press statement.

The announcement came not long after it was granted new licences by the Monetary Authority of Singapore (MAS) to facilitate transactions with digital payment tokens, including cryptocurrency, among other regulated functions.

Fomo Pay was founded by former Visa management associate Louis Liu in 2015 and started by connecting online and offline merchants to digital payment methods such as e-wallets and credit cards, to name a few.

Today, it services over 10,000 merchants spanning the retail, telecom, tourism and hospitality, food and beverage, education and e-commerce industries.

As Singapore's DPT licensee, Liu - who is chief executive officer - said on Tuesday his company looks forward to working with DBS to bring its merchants "an inclusive and new payment method" in the form of cryptocurrency payment rail.

He added: "With our efforts in building a comprehensive and compliant digital payment solution, we will be able to help our merchants adopt and accept crypto payments from their customers in a safe and risk-free manner.

"Ultimately, this will lead to greater assurance and adoption of crypto as a form of payment method that will fit into Singapore's vision to be a global crypto hub."

MAS managing director Ravi Menon had said in his speech at this year's Singapore Fintech Festival that the authority is "carefully studying" the economic merits and implications of a retail centralised banking digital currency in the Singapore context.

He noted that a digital Singapore dollar could possibly foster an efficient and inclusive payment ecosystem which "could make it easier for smaller firms to build new payments and related digital services".

Mentioning this, Fomo Pay said it intends to leverage on the DDEx ecosystem's "institutional-grade digital custodian and exchange services", which are supported by DBS, to enable its merchants to accept payments in crypto and keep their funds safe.

The move also comes after Binance Asia Services (BAS) on Monday withdrew its application for a licence to offer digital payment token services here.

Its parent company Binance, which runs the world's biggest cryptocurrency platform, announced the withdrawal and said BAS will refocus its operations in Singapore into a blockchain innovation hub to help develop the global blockchain ecosystem.

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