Singapore-based major payment institution FOMO Pay has entered into a strategic agreement to collaborate with Circle Internet Financial, a global financial technology firm and sole issuer of USD Coin (USDC).
FOMO Pay will integrate USDC into its services, allowing its merchant, corporate and financial institution clients to seamlessly convert between USDC and fiat currency.
Circle had announced its intention to establish a regional hub in Singapore and its participation in a Lighthouse Project with the Monetary Authority of Singapore (MAS) in November 2021,
The initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fueling economic growth and Web 3.0 financial innovations.
In September last year, FOMO Pay was granted a Digital Payment Token (DPT) Service license by MAS.
The company now holds four out of seven key regulated activities under the Payment Services Act’s (PSA) licensing framework.
Additionally, FOMO Pay was among the first DPT licensees to join the DBS Digital Exchange as a member.
“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.
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,”
said Louis Liu, Founder and Chief Executive Officer, FOMO Pay.
“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.
We are delighted to be part of FOMO Pay’s industry-leading initiative to establish digital payments integration in Southeast Asia.”
said Jeremy Allaire, Co-Founder and CEO of Circle.
Featured image: Edited based on photo by Kirill Petropavlov from Unsplash
