EMQ, a leading financial settlement network in Asia, and FOMO Pay, the award winning QR code payment solution provider in Singapore, has announced a partnership to support the growing demand for real-time international settlements from Singapore to China, with the ability to expand across other countries in Asia. The partnership will also help facilitate and support the government’s 2020 Smart Nation Initiative to accelerate Singapore’s shift to a digital economy.
“Singapore is an extremely important market in our global growth strategy and we are excited to support the government’s ambition to transform Singapore into a Smart Nation by creating new opportunities in a digital age,” said Max Liu, Co-founder and CEO of EMQ. “As FOMO Pay’s International partner, our partnership represents a great milestone in delivering the necessary payments infrastructure to support digital transformation and economic growth across Singapore and the “One Belt One Road” economic corridors.”
Powered by EMQ’s financial settlement network, the partnership with FOMO Pay will enable the Chinese communities in Singapore to seamlessly transfer money, in real-time, and directly send money back home to their families in China, while creating a more inclusive economy with greater access to digital financial services for the Chinese population.
“Our customers are at the heart of our business and we are always looking at innovative ways to improve our services,” said Zack Yang, Co-founder and COO, FOMO Pay. “Our strategic partnership with EMQ would further accelerate our ability to launch financial services that deliver additional value to our customerswhile giving us the competitive advantage to expand our business into new markets.We look forward to deepening our partnership with EMQ to drive digital payments across the “One Belt One Road” economic corridors.”
EMQ currently has a footprint in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines, and we continue to expand across key business markets worldwide spanning Asia, Europe, the Middle East and North America. The company currently holds licenses in Hong Kong, Indonesia and Singapore.
FOMO Pay has been playing an active role in making Singapore a cashless society. The firm has been on a taskforce called SGQR established by the Monetary Authority of Singapore (‘MAS’) that has set up ways to advance the development of cashless payments in Singapore. The SGQR taskforce includes other key players in the payments industry including major banks (DBS, OCBC, UnionPay and UOB), government agencies (HDB, NEA and Spring Singapore) as well as payment service providers such as FOMO Pay. By the end of this year, the taskforce aims to introduce standardised SGQR specifications to accept both domestic and international payment schemes. Apart from that, it will also consider the governance structure and implementation strategy for QR codes.
About EMQ
Headquartered in Hong Kong, EMQ is a financial technology startup that is building a financial network across Asia with a focus on remittance. With a footprint across Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, the company partners with financial institutions and other strategic partners in each country to enable and settle cross-border remittance via banks and various modes for top-up and cash pickup. The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017.
About FOMO Pay
FOMO Pay platform is the one-stop QR Code Payment Solution which enables merchants to accept a full suite of new payment methods including EZLink Pay, Grab Pay, mVisa, NETSPay, SingTel Dash, WeChat Pay, etc. Launched in 2015 with more than 4,000 merchants acquired within a year, FOMO Pay is trusted by major companies including CHANEL, Changi Airport, Club 21, JUMBO, Marina Bay Sands, Singapore Press Holdings, StarHub etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS (Monetary Authority of Singapore) SGQR Taskforce to promote QR code payment and make Singapore a cashless society.