- Singapore-based FOMO Pay, utilizing Ripple’s On-Demand Liquidity (ODL), acquires a Money Service Operator (MSO) license to operate in Hong Kong.
- The MSO license positions FOMO Pay to extend its remittance services to corporate clients in Hong Kong, capitalizing on its Ripple ODL partnership for enhanced payment solutions.
FOMO Pay Lands MSO License, Bolsters Hong Kong Ripple Remittances
In a move that signifies its burgeoning influence within the realm of digital payments, FOMO Pay has successfully procured a Money Service Operator (MSO) license from the Hong Kong Customs and Excise Department. This pivotal development empowers the Ripple-affiliated payment provider to extend its innovative remittance solutions to corporate entities within the bustling financial hub of Hong Kong—a region known for its robust economic activity and favorable stance towards fintech innovation.
#Ripple and #ODL user FOMO Pay has obtained a MSO license in Hong Kong planning to "launch payment & remittance services to meet the global payment and collection needs of corporate customers" there. FOMO has made a number of moves this year. https://t.co/bqpHM3Uvl3 #XRP pic.twitter.com/DioHmvxbEQ
— WrathofKahneman (@WKahneman) November 7, 2023
FOMO Pay and Ripple’s Synergy
July 2022 marked a pivotal moment for FOMO Pay when it forged a partnership with Ripple, harnessing the latter’s ODL service to facilitate real-time, cost-efficient treasury settlements in EUR and USD. This strategic alignment is poised to redefine the paradigms of cross-border transactions, replacing the conventional banking system’s two-day settlement lag with instantaneous processing—ushering in a new era of efficiency and scalability for corporate financial operations.
The acquisition of the MSO license is not merely a testament to FOMO Pay’s compliance with stringent regulatory standards but also amplifies its potential to incorporate Ripple‘s ODL in its Hong Kong endeavors. While official confirmation awaits, the pre-existing partnership between FOMO Pay and Ripple strongly suggests that the integration of ODL in this new market is imminent, potentially catalyzing the adoption of XRP among a broader demographic of corporate clients.
Licensing and Expansion: A Dual Milestone
FOMO Pay’s expansion into Hong Kong aligns with its recent $13 million capital infusion, strategically positioned to capitalize on this momentum. With an existing clientele of 5,000 corporate entities and a robust portfolio of regulatory approvals—including the financial services license from the Monetary Authority of Singapore (MAS)—FOMO Pay’s venture into Hong Kong marks its inaugural international foray, poised to transform the landscape of corporate remittances in Asia.