FOMO Pay Enters Hong Kong Market With Newly Acquired Licenseby Fintech News Singapore November 15, 2023
FOMO Pay has announced its acquisition of a Money Service Operator (MSO) License from the Hong Kong Customs and Excise Department. This license will enable FOMO Pay to start offering payment and remittance services in Hong Kong, aimed at improving the efficiency of global financial transactions for businesses.
The company is currently regulated under Singapore’s Payment Services Act and holds various licenses from the Monetary Authority of Singapore. These licenses cover a range of financial activities including local and international money transfers, merchant acquisition, and digital payment token services, with FOMO Pay being the first in Singapore to secure MAS approval for the latter.
With Hong Kong being a key international financial hub, FOMO Pay’s expansion there is set to tap into the growing demand for enhanced business connectivity, utilising its digital payment and banking solutions to facilitate cross-border transactions. Hong Kong’s established regulatory framework also provides a stable environment for fintech companies.
Allen Vincent, a senior member of FOMO Pay’s management, commented on the expansion:
“We’re excited about the opportunity to provide merchants and corporates in Hong Kong with our industry-leading solutions. Our experience, combined with the region’s regulatory framework, enables us to offer secure and compliant transactions, supporting business growth.”