Ripple partner FOMO Pay, based in Singapore, celebrated a significant achievement this week. The company announced that it has successfully obtained the coveted Money Service Operator (MSO) license from the Hong Kong Customs and Excise Department.
With this newfound license, FOMO Pay sets out to expand its remittance services for corporate clients in Hong Kong, where the company has already established a local presence. The firm proudly serves 5,000 corporate clients, positioning itself as a premier provider of digital payment solutions in the Asian market.
FOMO Pay’s Global Expansion: Hong Kong & Crypto Funding
This MSO license in Hong Kong is the latest addition to FOMO Pay’s growing list of regulatory approvals. Apart from this, the company holds a financial services license from the Monetary Authority of Singapore (MAS), in addition to three other regulatory licenses related to both domestic and international remittances.
Notably, this expansion into Hong Kong marks FOMO Pay’s first significant foray into international markets, just three months after a successful funding round where the company raised $13 million. This funding round was led by the prominent crypto venture capital fund Jump Crypto. It’s worth mentioning that FOMO Pay has established substantial connections within the crypto ecosystem, primarily through its partnership with Ripple.
FOMO Pay Utilizes Ripple On-Demand Liquidity (ODL)
In July 2022, Ripple forged a fresh partnership with FOMO Pay, granting access to its flagship On-Demand Liquidity (ODL) solution. This collaboration empowered FOMO Pay to utilise ODL for the swift settlement of EUR and USD payments within its treasury.
Before this agreement, FOMO Pay relied on the conventional financial system, which entailed a two-day waiting period for final settlement. In sharp contrast, the integration of ODL revolutionised cross-border treasury settlements, rendering them instantaneous and notably cost-effective for FOMO Pay.
It remains uncertain if FOMO Pay will also leverage Ripple’s ODL for its Hong Kong expansion. However, their existing partnership strongly implies that, barring any significant changes, such a prospect is highly probable. This potential move would introduce XRP and Ripple to a fresh audience of corporate clients.