The Monetary Authority of Singapore issues the country’s first digital payment token license to the financial technology company FOMO Pay

On September 1, it was reported that Singapore’s financial technology company FOMO Pay has obtained a license from the Monetary Authority of Singapore MAS to provide digital payment token services.

This is the first time such approval has been obtained among 170 applicants from the city-state. FOMO Pay stated that it can engage in three regulated activities in the future: merchant acquisition services, domestic remittance services, and digital payment token DPT services for cryptocurrencies.

The DPT service license allows its holders to facilitate transactions with digital payment tokens, including cryptocurrencies and CBDC, Singapore’s future central bank digital currency. The company had earlier obtained a cross-border remittance service license.

FOMO Pay was established in 2017, initially to help online and offline merchants connect to digital payment methods, including e-wallets and credit cards. Today, the company serves more than 10,000 merchants in the retail, telecommunications, tourism and hospitality, food and beverage FB, education, and e-commerce sectors.

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Post time: Sep-01-2021