London, 6th December 2021 – FOMO Pay, the leading Singapore one-stop payment solution provider, today embarked on a partnership with Luxembourg-headquartered licenced bank Banking Circle, to enable Collection on Behalf of (COBO) and Payment on Behalf of (POBO) services for FOMO Pay’s corporate clients in APAC.
Banking Circle is a Payments Bank committed to building a local clearing network for all major currencies, to deliver the fastest, lowest cost payments, with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross border payments, all underpinned by market leading compliance and security.
Empowered by Banking Circle’s COBO and POBO capability, FOMO Pay’s customers are able to have immediate and accurate identification of underlying payers and payees when processing international and domestic multi-currency B2B transactions. With this transparency and expedition, FOMO Pay’s clients will benefit from reduced payment and invoice reconciliation and processing time. COBO and POBO also reduces opportunity for fraud, facilitates optimised treasury forecasting and credit risk monitoring, and enhances visibility on individual business units’ cash flow. Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance risks are also reduced with enhanced visibility.
Mr. Zack Yang, Co-founder at FOMO Pay said: “Our enduring commitment to providing a comprehensive and robust one-stop payments solution has brought us to this partnership with Banking Circle. Banking Circle’s industry-leading COBO and POBO expertise will enable our clients to focus more on their business and spend less time on reconciliation and monitoring. We look forward to deepening this partnership as we continue to reinvent the payment experience for our customers.”
Mr. Anders la Cour, CEO, Banking Circle Group said: “We are proud to partner with FOMO Pay, a pioneer in Singapore’s fintech sector, to introduce our COBO and POBO solutions in APAC. FOMO Pay’s esteemed clientele and steadfast presence in the high-growth APAC market makes them a natural partner in this journey to bring innovative payments solutions to merchants.”
With the vision of enhancing reliability and efficacy of domestic and cross-border payments, FOMO Pay continually invests in innovative technology and infrastructure. This collaboration with Banking Circle brings new industry-leading solutions to APAC, and will spur further innovation across the region.
About FOMO Pay
FOMO Pay Pte Ltd (“FOMO Pay”) is a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service, and Merchant Acquisition Service. Founded in 2015, we have become a leading one stop digital payment provider, specialized in alternative payment methods. Acceptance of card payment, QR payment and upcoming crypto currency has increased dramatically as governments around the region push an agenda for creating a cashless society and fostering financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Southeast Asia, Africa and the Middle East. Our partners include NETS, Mastercard, Grab Pay, SingTel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also one of the founding members of the Singapore Quick Response Code (SGQR) taskforce, and contributed to the introduction of the SGQR — a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore.
For more information on FOMO Pay, please visit www.fomopay.com.
About Banking Circle
Banking Circle is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.
Banking Circle is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver the fastest, lowest cost payments, with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.
Find out more here.