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FOMO Pay becomes SWIFT member; obtains Business Identifier Code

By Gloria Methri

January 02, 2023

  • B2B Transactions
  • Digital Payment Solutions
  • Fiat-to-Crypto Gateway

FOMO PayFOMO Pay, the Singapore-headquartered payment institution, announced that it has become an official member of SWIFT and has obtained its Business Identifier Code (BIC), also known as SWIFT Code: FOMPSGSG.

This membership marks a significant achievement for FOMO Pay in its pursuit to provide more efficient, secure, and reliable payment services. The company said it will utilize the SWIFT Code to eliminate manual errors, reduce transfer fees and times, and streamline business transaction processes, thus enhancing its clients’ global collection and payout experiences.

SWIFT is one of the world’s leading financial messaging service providers, connecting more than 11,000 banks and financial institutions in over 200 countries. SWIFT Code is used to identify financial institutions and allow them to communicate with one another for seamless fund transfers.

‘Bridging crypto and fiat’

Founded in 2015, FOMO Pay is regulated under the Payment Services Act in Singapore. It is licensed by the Monetary Authority of Singapore (MAS) to conduct Cross-border Money Transfer Services, Domestic Money Transfer Services, Digital Payment Token Services, and Merchant Acquisition Services.

The firm claims to be the one-stop digital payment and banking solution provider, which is also building Asia’s first licensed gateway helping institutions and businesses to connect between fiat and cryptocurrency.

The firm offers its three flagship products: FOMO Payment, the digital payment solution for merchants, corporates, and financial institutions; FOMO iBank, which facilitates businesses’ everyday requirements for transactional banking needs; and FOMO Crypto, “Asia’s first licensed gateway” bridging crypto and fiat.

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