Since its establishment in 2015, FOMO Pay has always focused on the digital payment field, continuously expanding its service boundaries and promoting the deep integration of Web2.0 and Web3.0. On the basis of consolidating its traditional payment business, FOMO Pay, relying on its fiat payment license, continues to deepen its compliance system and expand the digital payment field. In 2021, the company became the first enterprise to obtain the Digital Payment Token Service License issued by the Monetary Authority of Singapore (MAS), further consolidating its leading position in the digital finance field. In an interview with Meta Era, FOMO Pay co-founder Zack Yang said that the traditional payment system will continue to evolve and deeply integrate with emerging technologies, while the growth potential of Web3.0 in the future cannot be ignored.

Author: Lesean, MetaEra

Source: MetaEra

Practicality is the Primary Productivity

Zack said that since the company's establishment, it has obtained multiple regulated business licenses in Singapore and continues to deepen its compliance efforts. Over the past 10 years, FOMO Pay has been committed to promoting the integration and development of the strong compliance system of Web2.0 and the decentralized ecosystem of Web3.0. "In the process of development, we have gained a deeper understanding that payment is an area of great strategic value and full of challenges. Ten years ago, the payment industry was thriving, with many technology companies, internet platforms, and industry giants launching their own payment systems, and even hotels, ride-hailing apps, and airlines actively deploying. This trend does not mean that the industry has low barriers to entry. In fact, the payment industry faces strict regulations, high compliance requirements, and needs to overcome technical barriers and fierce market competition. Therefore, the key for enterprises to gain an advantage in this field is whether they can build a complete payment scenario and provide an excellent user experience. It is precisely because of this that FOMO Pay has maintained steady development in the highly competitive market environment and continues to drive innovation."

Currently, FOMO Pay focuses on providing one-stop digital payment solutions to meet the diversified needs of enterprises in areas such as collection and remittance, while also deeply cultivating the B2B field. As the payment needs of enterprises become increasingly fragmented, traditional payment methods such as credit cards and e-wallets can no longer meet all scenarios, and more and more enterprises hope to keep up with the innovative trends of the Web3.0 era and explore the possibilities of digital asset payments. FOMO Pay, by connecting the traditional payment system with the Web3 field, including BTC, ETH, and stablecoins, has built a complete transaction closed loop, providing enterprises with a safe, compliant, and efficient payment experience, helping enterprises maintain a leading position in the tide of globalization and digitalization. Zack said, "In cross-border payment scenarios, the incompatibility of different currencies and payment methods is often a pain point for consumers. For example, Chinese or Singaporean tourists traveling to Southeast Asia may face the problem that local merchants do not support their commonly used payment methods. FOMO Pay, by connecting the fiat and digital payment systems, enables various payment methods to be seamlessly integrated across Southeast Asia and even globally, eliminating the barriers to cross-border payments. We always believe that payments should have a truly 'seamless experience' - that is, consumers do not need to perform additional operations, but can directly use their existing payment methods to pay freely and conveniently worldwide, achieving smooth, secure, and efficient transactions."

In addition, to improve transaction security, FOMO Pay conducts real-time monitoring of each customer's transaction to ensure compliance with KYT (Know Your Transaction) and KYC real-name authentication. Especially in Web3.0 payments, the security of fund flows is strictly guaranteed. Zack introduced, "Our customers are mainly divided into two categories. The first is enterprises and business organizations, which need a one-stop access to fiat and digital currency payment methods and complete settlement through local currency, such as Changi Airport, hotels, or tourist attractions. The second is enterprises involved in cross-border fund management and clearing and settlement, including international trade companies, financial service providers, and other institutions with global fund flow needs."

Let Everyone Taste the 'Crypto Coffee'

Zack jokingly said, "My first Web3.0 transaction was buying coffee with Ethereum in 2017. At that time, a cup of coffee cost 5 Singapore dollars, and the transaction fee was as high as 30 Singapore dollars, which means I used 35 Singapore dollars to buy a cup of coffee." Through personal experience, he realized that payments need to be cheaper and more convenient to retain customers. With the technological iterations of Web3.0 in recent years, transaction fees have become lower and lower. Blockchains like Solana, which support large-scale high-frequency payments, have made technical updates, and the reduction in transaction fees has attracted more customers to participate in cryptocurrency payments, even attracting many who have never used traditional digital payments.

In the era of traditional digital payments dominated by Visa and Master, the main participants in the market are concentrated in developed countries in Europe and the United States, and the 3% transaction fees are mostly borne by merchants, and consumers and merchants have formed a fixed consumption habit over a long period of time. But in some developing countries, credit card penetration is still relatively low, and the reason is not only that some merchants are unwilling to bear the transaction fees, but also related to convenience and maintenance costs. This provides a broad space for the development of cryptocurrencies in the "blue ocean" market, and also makes it easy to understand the underlying logic of Trump's strong promotion of cryptocurrencies after taking office.

"The essence of finance is to channel funds to safer, more profitable, and more efficient channels. One of the key reasons why Trump strongly promoted the development of cryptocurrencies is that the promotion of the traditional financial system in some developing countries faces many obstacles, such as the high maintenance costs of POS machines and ATMs, making local merchants and consumers more inclined to choose lightweight payment methods. Therefore, in the decentralized flow market, more and more funds are flowing from small and medium-sized countries to the United States, not only helping the United States solve its own economic needs, but also radiating the global market through the financial system," Zack explained.

"Since 2024, the process of cryptocurrency compliance has accelerated significantly, with countries, regions, and even financial institutions actively promoting the issuance and application of stablecoins, accelerating the integration of digital assets into the mainstream financial system. For example, PayFi in the Solana ecosystem is promoting the synergistic development of blockchain payments and on-chain finance. In the field of digital payments, this trend is mainly reflected in the optimization of payment scenarios and the improvement of infrastructure. The evolution of technology and the maturity of the regulatory framework are forming a more robust industry development cycle."

In addition to focusing on the digital payment field, FOMO Group's CapBridge holds a Capital Markets Services (CMS) license and an RMO license, with the qualifications to provide traditional financial products such as stocks, bonds, and funds, and strictly complies with regulatory requirements to ensure compliant operations. At the same time, CapBridge was selected as the international cooperation partner for the first batch of virtual asset ETFs in Hong Kong in April 2024. This milestone not only further demonstrates our professional capabilities in traditional finance and digital asset investment, but also embodies our commitment to building a compliant, secure, and efficient one-stop financial service system for our clients and partners. Zack introduced that as a licensed institution, CapBridge has investment capabilities in both Web2.0 and Web3.0, breaking down the barriers between traditional and digital asset markets, and providing seamless investment channels for different types of investors. Traditional investors do not need to delve into the underlying technology to safely and efficiently allocate Web3.0 assets, while Web3.0 investors can also participate in the global stock, bond, and fund markets through compliant channels. Relying on its mature compliance system and market experience, CapBridge provides safe and stable digital asset investment channels for institutions and professional investors, promoting the deep integration and synergistic development of digital finance and traditional finance.

"As a financial center in Asia, Hong Kong radiates the entire regional market and has become one of the first regions to launch virtual currency spot ETFs, demonstrating its strategic layout to build an international Web3.0 center. As an important fintech company in the Asian market, FOMO Pay has obtained the Hong Kong MSO license, which will enable us to further expand our business in Hong Kong and strengthen cooperation with local financial institutions," Zack said. Leveraging FOMO Pay's experience in Singapore as the first industry to obtain a digital token service DPT license, as well as its deep resources in the Asian fintech ecosystem, we are able to provide compliant, secure, and efficient digital financial solutions to Hong Kong and the broader Asian market, helping institutions and enterprises to connect traditional finance and the digital asset ecosystem smoothly. With the gradual rollout of stablecoins, the acceleration of OTC business compliance, and the maturity of RWA tokenization in Hong Kong by 2025, the integration of traditional finance and Web3.0 has become an industry trend. FOMO Pay will continue to focus on the fields of digital payments, digital banking, and digital assets, working with Hong Kong and global financial ecosystem partners to promote the innovative development of cross-border payments and digital finance, and provide trusted value-added services to global enterprise customers.