Bolster the Digital Payment Revolution Across “One Belt One Road” Economic Corridorsby Company Announcement October 24, 2018
EMQ, a financial settlement network in Asia based in Hong Kong, and FOMO Pay, a qr code payment solution provider in Singapore, has announced a partnership to support the growing demand for real-time international settlements from Singapore to China, with the ability to expand across other countries in Asia.
The partnership will also help facilitate and support the government’s 2020 Smart Nation Initiative to accelerate Singapore’s shift to a digital economy.
“Singapore is an extremely important market in our global growth strategy and we are excited to support the government’s ambition to transform Singapore into a Smart Nation by creating new opportunities in a digital age,”
said Max Liu, Co-founder and CEO of EMQ.
“As FOMO Pay’s International partner, our partnership represents a great milestone in delivering the necessary payments infrastructure to support digital transformation and economic growth across Singapore and the “One Belt One Road” economic corridors.”
Powered by EMQ’s financial settlement network, the partnership with FOMO Pay will enable the Chinese communities in Singapore to seamlessly transfer money, in real-time, and directly send money back home to their families in China, while creating a more inclusive economy with greater access to digital financial services for the Chinese population.
“Our customers are at the heart of our business and we are always looking at innovative ways to improve our services,”
said Zack Yang, Co-founder and COO, FOMO Pay.
“Our strategic partnership with EMQ will further accelerate our ability to launch financial services that deliver additional value to our customers while giving us the competitive advantage to expand our business into new markets. We look forward to deepening our partnership with EMQ to drive digital payments across the “One Belt One Road” economic corridors.”
EMQ currently has a footprint in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines, and we continue to expand across key business markets worldwide spanning Asia, Europe, the Middle East and North America. The company currently holds licenses in Hong Kong, Indonesia and Singapore.
FOMO Pay has been playing an active role in making Singapore a cashless society. The firm has been on a taskforce called SGQR established by the Monetary Authority of Singapore (‘MAS’) that has set up ways to advance the development of cashless payments in Singapore. The SGQR taskforce includes other key players in the payments industry including major banks (DBS, OCBC, UnionPay and UOB), government agencies (HDB, NEA and Spring Singapore) as well as payment service providers such as FOMO Pay.
By the end of this year, the task force aims to introduce sstandardized SGQR specifications to accept both domestic and international payment schemes. Apart from that, it will also consider the governance structure and implementation strategy for QR codes.
Featured image credit: Edited from Unsplash