Singapore-based major payment institution FOMO Pay, which was granted the first Digital Payment Token (DPT) Service license by the Monetary Authority of Singapore (MAS), announced today (December 14) that it is joining as a member of the DBS Digital Exchange (DDEx) and it is among the first DPT licensees to do so.
In a separate interview with Vulcan Post, Louis Liu, founder and CEO of FOMO Pay, said that it will be rolling a digital payment service for merchants. It will be similar to e-wallets or credit cards, and help to mitigate risks of handling crypto for its clients.
“For instance, when merchants key in the amount, FOMO Pay will convert it into the amount of bitcoin, CBDC (central bank digital currency), or other digital payment tokens. Customers will scan and pay in digital payment tokens, and the merchant will receive the exact amount of fiat currency and not be exposed to any price fluctuation risk,” he explained.
Reasoning this move, Louis added that he observed that more people are starting to use digital tokens as a mode of payment.
“Our job is to make sure that when they visit Singapore and spend, our merchant clients will be able to accept their mode of payment. Singapore is an international hub for business and technology, and FOMO Pay wants to contribute to developing crypto and blockchain technology, and prepare for the Web 3.0 world.”
Accelerating S’pore’s vision as a global crypto hub
At this year’s Singapore Fintech Festival, MAS’ Managing Director Ravi Menon said that the central bank is exploring the feasibility of a “digital Singapore dollar”.
MAS is therefore embarking on Project Orchid to build the technology infrastructure and technical competencies that are necessary to issue it should the country decide to do so in the future.
Being part of the DDEx ecosystem, FOMO Pay intends on leveraging its institutional grade digital custodian and exchange services supported by DBS Bank to enable its merchants to accept payments in crypto and keep their funds safe.
“FOMO Pay, being Singapore’s DPT licensee, is proud to join DDEx. With our efforts in building a comprehensive and compliant digital payment solution, we will be able to help our merchants adopt and accept crypto payments from their customers in a safe and risk-free manner,” said Louis.
“Ultimately, this will lead to greater assurance and adoption of crypto as a form of payment method that will fit into Singapore’s vision to be a global crypto hub,” he added.
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Featured Image Credit: FOMO Pay / Generation T