SINGAPORE, March 24, 2022 /PRNewswire/ -- Singapore-based Major Payment Institution FOMO Pay Pte. Ltd. ("FOMO Pay") today announced it has entered into a strategic agreement to collaborate with Circle Internet Financial, LLC ("Circle"), a global financial technology firm and sole issuer of USD Coin (USDC), one of the fastest growing digital currencies in the world with over $50 billion in circulation.
FOMO Pay will integrate USDC into its services, allowing its merchant, corporate and financial institution clients to seamlessly convert between USDC and fiat currency. This will take advantage of the inherent efficiency of dollar digital currencies in payments and commerce. FOMO Pay's recognition by the Monetary Authority of Singapore (MAS) on 1 September 2021 as the first Digital Payment Token (DPT) Service licensee in Singapore reinforces its collaboration with Circle – consistent with the firm's strategy to introduce crypto payments to its suite of services.
In November 2021, Circle announced its intention to establish a regional hub in Singapore and participation in a Lighthouse Project with MAS. The initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fuelling economic growth and Web 3.0 financial innovations.
"FOMO Pay is glad to collaborate with Circle. As USDC is one of the fastest growing stablecoins in the world, we are pleased to be the first official major payment institution in Southeast Asia to collaborate with Circle to integrate USDC into our payment products and ecosystem," said Louis Liu, Founder and Chief Executive Officer, FOMO Pay. "With our newly-acquired DPT license, this collaboration fits FOMO Pay's plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions," Liu added.
"Working with FOMO Pay is a natural fit for Circle's mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet," said Jeremy Allaire, Co-Founder and CEO of Circle. "We are delighted to be part of FOMO Pay's industry-leading initiative to establish digital payments integration in Southeast Asia."
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 and banking solution provider. 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 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) 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. FOMO Pay aims to build Asia's first licensed gateway helping corporates connect with fiat and cryptocurrency.
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the sole issuer of USD Coin (USDC), one of the fastest growing dollar digital currencies powering always-on internet-native commerce and payments. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading startup fundraising platform in the U.S. Learn more at https://circle.com.
Disclaimer
Neither FOMO Pay nor Circle will service individual customers, or otherwise customers constituting the retail public in Singapore. This press release shall not be construed an advertisement, solicitation, or promotion of the provision by any entity (whether FOMO Pay, Circle, or otherwise) of digital payment tokens ("DPT") services (as such term is defined in the Payment Services Act, 2019) to retail users in Singapore, nor shall it constitute an inducement or attempt to induce retail users to enter into any arrangement with any entity (whether FOMO Pay, Circle, or otherwise) for the same. Trading of DPTs is not suitable for retail investors, and there are high risks associated with such activity.
Dealing with an entity licensed to provide, or exempt from providing, DPT services does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider's business fails. You should not transact in a DPT if you are not familiar with it. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens. DPT services may also offer services related to DPTs which may be promoted as having a stable value, commonly known as "stablecoin".
SOURCE Circle Internet Financial, LLC
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