Singapore-based Major Payment Institution FOMO Pay today announced it has entered into a strategic agreement to collaborate with Circle Internet Financial, a global financial technology firm and sole issuer of USD Coin (USDC), one of the fastest growing digital currencies in the world with over $50 billion in circulation.
FOMO Pay will integrate USDC into its services, allowing its merchant, corporate and financial institution clients to seamlessly convert between USDC and fiat currency. This will take advantage of the inherent 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 the first 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 fuelling economic growth and Web 3.0 financial innovations.
“FOMO Pay is glad to collaborate with Circle. As USDC is one of the fastest growing stablecoins in the world, we are pleased to be the first official major payment institution in Southeast Asia to collaborate with Circle to integrate USDC into our payment products and ecosystem,” said Louis Liu, Founder and Chief Executive Officer, FOMO Pay. “With our newly-acquired DPT license, this collaboration fits FOMO Pay’s plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions,” Liu added.
“Working with FOMO Pay is a natural fit for Circle’s mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet,” said Jeremy Allaire, Co-Founder and CEO of Circle. “We are delighted to be part of FOMO Pay’s industry-leading initiative to establish digital payments integration in Southeast Asia.”