FOMO Pay joins DBS Digital Exchange, paving way for merchants to accept crypto payments

SINGAPORE fintech company FOMO Pay on Tuesday (Dec 14) announced that it has joined the DBS Digital Exchange (DDEx) as a member.

The announcement comes 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.

Liu - who is chief executive officer - said in a press statement: "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."

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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.

READ MORE:

• DBS digital exchange plans stir excitement among crypto players
• FOMO Pay obtains new MAS licences to operate three more regulated activities

Amendment note: This article has been amended following a correction from FOMO Pay to say it is not collaborating with DBS, but is merely a member of the DBS Digital Exchange.