Singapore’s FOMO Pay Expands into Malaysia Through OCBC Partnership

Singapore’s FOMO Pay Expands into Malaysia Through OCBC Partnership

by April 22, 2020

FOMO Pay, Singapore-based digital payment and digital banking solution provider, partnered with OCBC Malaysia to develop OCBC OneCollect as its first merchant cross-border QR code collection service.

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.

This project follows the opening of FOMO Pay’s new office in Malaysia, Kuala Lumpur.

In their media statement, they said that 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 describes itself as a company that 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.

The company said that it 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 the Monetary Authority of Singapore (MAS) and it also the founding member at the SGQR taskforce led by the Monetary Authority of Singapore (MAS).

Image Credit: FOMO Pay