FOMO Pay joins DBS Digital Exchange to equip merchants in Singapore to accept cryptocurrency payments

• DBS Bank will extend the custodian services to enable FOMO Pay to equip merchants to accept crypto payments in a safe manner

• FOMO Pay is among the first Digital Payment Token licensees to join DBS Digital Exchange (DDEx)

SINGAPORE, Dec. 14, 2021 /PRNewswire/ — Singapore-based major payment institution FOMO Pay, which was granted the first Digital Payment Token (DPT) Service license by the Monetary Authority of Singapore (MAS), today announced joining as a member of the DBS Digital Exchange (DDEx). FOMO Pay is among the first DPT licensees to join the digital exchange as a member and will collaborate with DDEx to enable merchants in Singapore to accept cryptocurrency (crypto) payments from consumers.

At this year’s Singapore Fintech Festival, MAS’ Managing Director Ravi Menon in his speech said that the central bank is carefully studying the economic merits and implications of a retail centralised banking digital currency (CBDC) in the Singapore context. He cited that a digital Singapore dollar could possibly foster an efficient and inclusive payment ecosystem where it would be easier for smaller firms to build new payments and related digital services.

Being part of the DDEx ecosystem, FOMO Pay intends on leveraging its institutional grade digital custodian and exchange services supported by DBS Bank to enable its merchants accept payments in crypto and keep their funds safe.

“FOMO Pay, being Singapore’s DPT licensee, is proud to join DDEx and we are looking forward to working with DBS to bring our merchants an inclusive and new payment method in the form of cryptocurrency payment rail,” said Louis Liu, Founder and Chief Executive Officer, FOMO Pay. “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,” he added.

Story continues

About FOMO Pay

FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. Founded in 2015, we have become a leading one stop digital payment provider, specialized in alternative payment methods. Acceptance of card payment, QR payment and upcoming crypto currency has increased dramatically as governments around the region push an agenda for creating a cashless society and fostering financial inclusion.

FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Southeast Asia, Africa and the Middle East. Our partners include NETS, Mastercard, Grab Pay, SingTel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also one of the founding members of the Singapore Quick Response Code (SGQR) taskforce and contributed to the introduction of the SGQR — a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore.

SOURCE FOMO Pay