FOMO Pay, one of Ripple’s business partners headquartered in Singapore, has received a pivotal payment authorization from a Hong Kong finance regulator.
In particular, FOMO Pay recently obtained a Money Service Operator (MSO) License from the Hong Kong Customs and Excise Department. The payment firm disclosed attaining the milestone in a recent statement on its official blog.
FOMO Pay MSO License
Per the notification, the newly acquired license positions the Ripple Partner to launch payment and remittance services in Hong Kong. FOMO Pay noted it paves the way for streamlined global collection and payout processes for businesses. Moreover, the firm underscored that the move marks a crucial step in its regional expansion efforts.
Allen Vincent, a senior manager at FOMO Pay, expressed enthusiasm about the company’s expansion into Hong Kong. Vincent remarked:
“The effort in obtaining the MSO license demonstrates our commitment to continuously adding value to our clients. As we look ahead, our goals remain unchanged, which is to establish a fully integrated financial ecosystem.”
Emphatically, the Ripple partner is a regulated major payment institution under Singapore’s Payment Services Act. As a result, it holds a spectrum of licenses issued by the Monetary Authority of Singapore (MAS), the country’s apex bank.
Interestingly, FOMO Pay prides itself on being the first tech firm in Singapore to secure MAS approval for crypto payment services.
“This track record of excellence has laid the groundwork for FOMO Pay’s strategic expansion,” the Ripple partner noted.
Notably, the authorizations FOMO Pay has secured empower it to offer diverse financial services, such as domestic fund transfer, intercontinental payments, and merchant acquisition.
Ripple and FOMO Pay Collab
Last year, Ripple and FOMO Pay entered an alliance to enhance FOMO Pay’s cross-border treasury flows by leveraging Ripple’s crypto-enabled enterprise technology.
At the core of the collaboration was Ripple’s On-Demand Liquidity (ODL), which has now been absorbed into the newly unveiled “Ripple Payments.”
With digital asset XRP as a bridge between two fiat currencies, ODL enabled FOMO Pay’s swift and cost-effective settlement without maintaining pre-funded accounts.
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