FOMO Pay Secures MSO License in Hong Kong

Furthermore, FOMO Pay has recently been granted a Money Service Operator (MSO) license by the Department of Customs and Excise of Hong Kong.

In an official blog post, the payment company recently announced that the milestone had been reached.

The notification states that the Ripple Partner is now authorized to introduce payment and remittance services in Hong Kong because of the newly acquired license.

FOMO Pay said that it facilitates global collection and reimbursement processes for streamlined organizations. Furthermore, the company emphasized that the action signifies a pivotal phase in expanding into new regions.

FOMO Pay’s senior manager, Allen Vincent, was ecstatic about the organization’s impending expansion into Hong Kong.

Vincent stated categorically that:

“The effort in obtaining the MSO license demonstrates our commitment to continuously adding value to our clients. As we look ahead, our goals remain unchanged, which is to establish a fully integrated financial ecosystem.”

The Ripple partner is a significant payment institution regulated by the Payment Services Act of Singapore. As a consequence, it possesses a variety of licenses issued by the apex bank of Singapore, the Monetary Authority of Singapore (MAS).

FOMO Pay takes notable delight in being the inaugural technology company in Singapore to obtain approval from the MAS for its cryptocurrency payment services.

“This history of outstanding performance has established the foundation for the strategic expansion of FOMO Pay,” the Ripple partner remarked.

The authorizations that the payment company has obtained grant it the ability to provide various financial services, including international payments, domestic money transfers, and merchant acquisitions.

Ripple and FOMO Pay allied the previous year to leverage Ripple’s crypto-enabled enterprise technology to improve FOMO Pay’s cross-border treasury flows.

The collaboration revolved around Ripple’s On-Demand Liquidity (ODL), which has since been integrated into the brand-new “Ripple Payments.”

By utilizing the digital asset XRP as an intermediary between two fiat currencies, ODL facilitated the efficient and economical settlement of the company without needing pre-funded accounts.