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FOMO Pay obtains license to expand payments business in Hong Kong

By Gloria Mathias

November 22, 2023

  • APAC news
  • Asia
  • Credit Card

Elliptic, FOMO Pay, RiskTech, FinTech, Digital Payments, Asia, Risk Management, Digital Asset Compliance, Singapore Fintech, Hong Kong License, Fintech news, Fintech Hong Kong, MAS, Fitech news, Payments Solutions, Remittances, APAC News, Mastercard, QR Payments, Mastercard Payments, Card Payments, Debit Card, Credit Card, Hong Kong, Fintech License, Payments License, Remittances BusinessFOMO Pay, a payment institution headquartered in Singapore, has announced that the company has obtained a Money Service Operator (MSO) License issued by the Hong Kong Customs and Excise Department.

With the new license, FOMO Pay is planning to launch payment and remittance businesses in Hong Kong, facilitating businesses in enhancing their global collection and global payout processes. This sets the stage for an expanded regional presence and signifies a milestone in FOMO Pay’s business growth.

As a regulated major payment institution under the Payment Services Act in Singapore, FOMO Pay holds licenses from the Monetary Authority of Singapore (MAS) to conduct an array of financial services, including domestic money transfer, cross-border money transfer and merchant acquisition.

Hong Kong’s role as an international financial hub creates a unique opportunity for FOMO Pay to extend its expertise to the Greater Bay Area. With a growing demand among businesses for enhanced connectivity, FOMO Pay aims to leverage its integrated digital payment and digital banking solutions to facilitate cross-border transactions.

In addition, Hong Kong’s established regulatory framework provides a stable platform for financial innovation, fostering an environment conducive to the growth of fintech players like FOMO Pay.

Allen Vincent, a Senior Management member of FOMO Pay, said, “We’re excited about the opportunity to provide merchants and corporates in Hong Kong with our industry-leading solutions. Our wealth of expertise, coupled with a well-established regulatory framework, ensures a solid foundation for us to support fast, secure, and compliant transactions, allowing businesses to grow without borders.”

“Our remarkable journey started in Singapore, and we have now expanded our footprint to Hong Kong. The effort in obtaining the MSO license demonstrates our commitment to continuously adding value to our clients. As we look ahead, our goals remain unchanged, which is to establish a fully integrated financial ecosystem and deliver exceptional solutions to our clients that catalyze business growth,” said Vincent.

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