One of the largest payment providers in Singapore, FOMO Pay, is now the first one to get a license from the Monetary Authority of Singapore (MAS). Said license refers to the provision of Digital Payment Token Services (DPTS).
The company confirmed it received licenses for various regulated financial activities in Singapore. DPTS licensing will let FOMO Pay offer digital payment token transactions to its clients such as crypto and CBDCs.
“We are proud to be recognized as a leading FinTech company in Singapore and I am proud of our team’s relentless efforts to establish the compliance framework, policies, procedures, and risk management systems which have made this happen,” declared the CEO and founder of FOMO Pay, Louis Liu.
Liu further added: “We will continue to work closely with regulators and partners to ensure and facilitate safe practices for our client’s payment needs.”