SINGAPORE, December 6, 2021 / PRNewswire / – FOMO Pay, the leader Singapore one-stop payment solutions provider, today launched a partnership with LuxembourgBanking Circle, a registered headquartered bank, to enable collection on behalf of (COBO) and payment on behalf of (POBO) services for FOMO Pay business customers in the APAC region.

Banking Circle is a payment bank committed to building a local clearing network for all major currencies to make the fastest and cheapest payments, with no hidden charges for the payee. It provides a suite of unique and award-winning banking solutions, including multi-currency bank accounts and virtual IBANs, bank connections for local clearing and cross-border payments, all backed by industry-leading compliance and security.

Backed by Banking Circle’s COBO and POBO capabilities, FOMO Pay customers are able to have immediate and accurate identification of underlying payers and payees when processing international and domestic multi-currency B2B transactions. Thanks to this transparency and shipping, FOMO Pay customers will benefit from reduced payment and invoice reconciliation and processing time. COBO and POBO also reduce the risk of fraud, make it easier to optimize cash flow forecasting and credit risk monitoring, and improve visibility into the cash flows of individual business units. Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance risks are also reduced through improved visibility.

Sir. Zack Yang, Co-founder of FOMO Pay said: “Our enduring commitment to providing a complete and robust one-stop-shop payment solution has led us to this partnership with Banking Circle. Banking Circle’s COBO and POBO expertise will allow our clients to focus more on their business and spend less time on reconciliation and monitoring. We look forward to deepening this partnership while continuing to reinvent the payment experience for our customers.

Sir. Anders the Court, CEO, Banking Circle Group said, “We are proud to partner with FOMO Pay, a pioneer of that of Singapore fintech sector, to present our COBO and POBO solutions in APAC. FOMO Pay’s esteemed customer base and its unwavering presence in the fast-growing APAC market make it a natural partner in this adventure to bring innovative payment solutions to merchants. “

With the vision of improving the reliability and efficiency of national and cross-border payments, FOMO Pay continually invests in innovative technologies and infrastructure. This collaboration with Banking Circle brings new cutting edge solutions to APAC and will further drive innovation in the region.

About FOMO Pay

FOMO Pay Pte Ltd (“FOMO Pay”) is a leading payment institution (License No. PS20200145) in Singapore, approved by the Monetary Authority of Singapore to perform a cross-border money transfer service, a national money transfer service, Payment for digital assets, and the merchant acquisition service. Founded in 2015, we have grown into a leading one-stop digital payment provider, specializing in alternative payment methods. Acceptance of payment by card, QR payment and digital assets has grown dramatically as governments across the region champion an agenda to create a cashless society and foster financial inclusion.

FOMO Pay has enabled merchants and financial institutions to accept a full range of payment methods in emerging markets across South East Asia, Africa and the Middle East. Our partners include NETS, Mastercard, Grab Pay, SingTel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also a founding member of the Singapore Quick Response Code (SGQR) working group and helped introduce the SGQR – a national standard to unify all e-wallets and move towards promoting a society without cash in Singapore.

For more information on FOMO Pay, please visit https://www.fomopay.com.

For media inquiries, please contact: [email protected]

About the banking circle

Banking Circle is the payment bank for the new economy. As a fully licensed bank, free from legacy systems, Banking Circle enables payment companies and banks of all sizes to seize the opportunities of the new economy – quickly and inexpensively.

Banking Circle is a modern correspondent bank committed to building a local clearing network for all major currencies to provide the fastest, cheapest payments with no hidden charges for the payee. It provides a suite of unique and award-winning banking solutions, including multi-currency bank accounts and virtual IBANs, bank connections for local clearing and cross-border payments, all backed by industry-leading compliance and security.

Through tailor-made, flexible, scalable and sustainable solutions, Banking Circle enables financial institutions to help their clients trans-border transactions in ways that were not possible before.

Based at Luxembourg, Banking Circle has offices at London, Munich, Amsterdam and Copenhagen.

For more information and interviews, please contact the Banking Circle press office:
Wendy harrison – Harrison Sadler
Phone. : 0208 977 9132
E: [email protected]

SOURCE FOMO Pay