FOMO Pay enters strategic agreement with Circle

Singapore-based FOMO Pay has entered into a strategic agreement to collaborate with Circle, a financial technology firm and issuer of USD Coin (USDC).

FOMO Pay will integrate USDC into its services, allowing its merchant, corporate, and financial institution clients to convert between USDC and fiat currency. This will take advantage of the efficiency of dollar digital currencies in payments and commerce.

FOMO Pay’s recognition by the Monetary Authority of Singapore (MAS) on 1 September 2021 as a Digital Payment Token (DPT) Service licensee in Singapore reinforces its collaboration with Circle – consistent with the firm’s strategy to introduce crypto payments to its suite of services.

In November 2021, Circle announced its intention to establish a regional hub in Singapore and participation in a Lighthouse Project with MAS. The initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fueling economic growth and Web 3.0 financial innovations.

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