Singapore's leading digital banking solution provider FOMO Pay makes 2020 first overseas foray into Malaysia
SINGAPORE, April 21, 2020 /PRNewswire/ -- FOMO Pay, Singapore-based digital payment and digital banking solution provider, partnered with OCBC Bank (Malaysia) Berhad to develop OCBC OneCollect as its first merchant cross-border QRcode collection service project. This project follows the opening of FOMO Pay's new office in Malaysia, Kuala Lumpur. This move opens up opportunities to provide customer support in a larger territory, and signals continued rapid growth for the company in the region.
FOMO Pay collaborated with OCBC in February to develop the application for Malaysia's first cross-border QR Code collection service, OCBC OneCollect. This service allows any account holder of Singapore's PayNow participating banks to make Singapore Dollar payments to eligible merchants in Malaysia via direct QR code payment through OCBC OneCollect. Prior to this, QR code payments in Malaysia could only be done for local Ringgit currency transactions.
Local businesses will be hassle-free to receive instant notifications upon a successful transaction and easy reconciliation by end of the day. It is developed for the seamless cross-border digital banking experience. With this feature, Malaysia merchants can collect payments from Singapore customers in a more secure, fast and transparent manner.
Through its successful collaboration with OCBC, FOMO Pay kickstarts an exciting year of business growth. The decision to open an office in Malaysia ties in with the company's expansion strategy to focus on ASEAN and other emerging economies under rapid digital transformation trend in the recent years.
FOMO Pay provides a comprehensive range of digital banking solutions. Key features of these digital banking solutions consist of proprietary QR payment processing system, e-KYC solution, AI credit-scoring profiling solution, multi-channel account auto-reconciliation solution, cross-border switch interoperability solution, and many more.
FOMO Pay has worked with over 10,000 clients ranging from leading companies to small and medium enterprises. The company is the first batch recipient of Major Payment Institution License issued by central bank Monetary Authority of Singapore (MAS), also the founding member at the SGQR taskforce led by the Monetary Authority of Singapore (MAS).
As more countries are now moving towards developing a cashless society and more financial institutions are undergoing rapid digital transformation, FOMO Pay is poised to play a vital role in the global market as a leading fintech digital banking and payment solution provider from Singapore.
About FOMO Pay
FOMO Pay is a Singapore fintech company which offers a proprietary digital payment processing platform, the first-of-its-kind, allowing merchants & financial institutions to accept a full suite of mobile payments at one go focusing on emerging markets including Southeast Asia, Africa, Middle East, and Latin America. The company is one of the founding members of Singapore Monetary Authority's SGQR taskforce to jointly develop a common QR Code standard for Singapore. Since 2015, over 10,000 clients have trusted FOMO Pay to provide various digital payment solutions. It is regulated by the MAS as Major Payment Institution with license number PS20200145, and the winner of Singapore Fintech Festival Award by the MAS in 2017.
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