FOMO Pay Forges Strategic Collaboration with Circle to Use USDC for Product Offering
SINGAPORE, March 24, 2022 /PRNewswire/ — SingaporeFOMO Pay Pte. ltd. (“Pay FOMO“) today announced that it has entered into a strategic collaboration agreement with Circle Internet Financial, LLC (“Circle“), a global financial technology company and the sole issuer of USD Coin (USDC), one of the world’s fastest growing digital currencies with over $50 billion in circulation.
FOMO Pay will integrate USDC into its services, allowing its merchant, enterprise and financial institution customers to seamlessly convert between USDC and fiat currency. This will leverage the inherent efficiency of dollar digital currencies in payments and commerce. Recognition of FOMO Pay by the Monetary Authority of Singapore (Mason September 1, 2021 as the first Digital Payment Token (DPT) service licensee in Singapore is strengthening its collaboration with Circle, in line with the company’s strategy to introduce crypto payments into its suite of services.
In November 2021Circle has announced plans to establish a regional hub in Singapore and participation in a flagship project with MAS. The initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fueling economic growth and Web 3.0 financial innovations.
“FOMO Pay is pleased to partner with Circle. As USDC is one of the fastest growing stablecoins in the world, we are pleased to be the first major official payment institution in South East Asia collaborate with Circle to integrate USDC into our products and payment ecosystem,” said Louis Liu, Founder and CEO, FOMO Pay. “Along with our newly acquired DPT license, this collaboration is part of FOMO Pay’s plans to create a web 3.0 payments infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services enabled by the efficiency of our crypto payments and commerce solutions,” Liu added.
“Working with FOMO Pay fits naturally into Circle’s mission to increase global economic prosperity through the frictionless exchange of financial value and to connect the world more deeply by building a new global economic system based on Internet,” said Jeremy Allaire, co-founder and CEO of Circle. “We are excited to be part of FOMO Pay’s cutting-edge initiative to establish the integration of digital payments into South East Asia.”
About FOMO Pay
FOMO Pay Pte Ltd is a major payment institution (licence number PS20200145) in Singaporeapproved by the Monetary Authority of Singapore to perform cross-border money transfer service, domestic money transfer service, digital payment token service and merchant acquiring service. Founded in 2015, we have become a leading provider of one-stop-shop digital banking and payment solutions. Acceptance of card payment, QR payment and upcoming cryptocurrency has increased significantly as governments in the region push forward an agenda to create a cashless society and foster financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a full suite of payment methods in emerging markets across Asia and Africa. Our partners include NETS, Mastercard, GrabPay, Singtel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also one of the founding members of the Singapore Quick Response Code (SGQR) Task Force and helped introduce the SGQR – a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore. FOMO Pay aims to build from Asia first licensed gateway helping businesses connect with fiat and cryptocurrency.
About the Circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the sole issuer of USD Coin (USDC), one of the fastest growing digital dollar currencies, continuously powering native internet commerce and payments. Today, Circle’s transactional services, business accounts and platform APIs are giving birth to a new generation of financial services and business applications that promise to increase global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading seed fundraising platform in the United States. Learn more about https://circle.com.
Neither FOMO Pay nor Circle will serve individual customers, or otherwise customers constituting the retail audience in Singapore. This press release should not be construed as an advertisement, solicitation or promotion of the provision by any entity (whether FOMO Pay, Circle or otherwise) of digital payment token services (“DPT”) ) (as that term is defined in the Payment Services Act, 2019) to retail users in Singapore, nor does it constitute an inducement or attempt to induce retail users to enter into an agreement with any entity (whether FOMO Pay, Circle or otherwise) for the same. Trading DPT is not suitable for retail investors and the risks associated with such activity are high.
Dealing with an entity authorized to provide, or exempt from providing, DPT services does not mean that you will be able to recover any money or DPT you have paid to your DPT service provider if your provider’s business DPT service fails. You should not transact in a DPT if you do not know it. This includes how the DPT is created and how the DPT you intend to make is transferred to or held by your DPT service provider. You should be aware that the value of TPDs can vary greatly. You should only buy DPT if you are willing to accept the risk of losing all the money you have invested in these tokens. DPT services may also offer DPT-related services that may be promoted as having a stable value, commonly referred to as a “stablecoin”.
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SOURCE Circle Internet Financial, LLC